NEW YORK: Goldman Sachs Group Inc boosted its gold forecast to US$1,800 an ounce as the coronavirus, depressed real rates, and increased focus on the US election continue to drive demand for the metal as a haven.
The bank raised its 12-month projection by US$200, and said “in the event that the virus effect spreads to the second quarter, we could see gold top US$1,800 per ounce already on a three-month basis”. Spot gold, which is up more than 8% this year, traded at US$1,648.50 an ounce on Thursday.
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