Goldman Sachs sees gold prices hitting $2,500/oz by year-end

Gold prices have surged nearly 18 per cent thus far in calendar year 2022 (CY22) to around $2,050 per ounce in the backdrop of the ongoing Russia – Ukraine conflict and there is more headroom over the next few months, believe analysts at Goldman Sachs, who expect the prices to rise another 25 per cent to $2,500 an ounce by the year-end.

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Earlier in January, Goldman Sachs had raised their 12-month gold price forecast to $2150 per troy ounce on the view that an impending US growth slowdown would lead to increased concerns of a US recession and incentivize 300 tons of inflows