Goldman Sachs raises its gold price forecast

While gold is having its best quarter since 2020 due to the monetary expansion of the USA and the increasing tension in the Middle East, expectations that gold prices will rise continue to increase.

Gold reached its all-time high of $2,685.42 on Thursday, due to the half-point cut by the US Federal Reserve (Fed) and the impact of conflicts in the Middle East.

Gold prices have risen more than 13 percent so far this quarter, their best rise since the beginning of 2020.

US investment bank Goldman Sachs, which published its new forecasts after the rise in gold prices, increased its gold price forecast for the beginning of 2025.

“We reiterate our long gold recommendation due to the gradual increase in low global interest rates, structurally high central bank demand and gold's advantages as a hedge against geopolitical, financial and recession risks,” the bank said in a note.

The bank, which pointed to a level of 2 thousand 700 dollars at the beginning of next year in its previous forecast, predicted that ounce gold prices would be 2 thousand 900 dollars in its new forecast.

LATEST SITUATION IN GOLD PRICES

The ounce price of gold, which followed a sales-oriented trend yesterday, is traded at $2,645 as of 11:00, with an increase of 0.4 percent compared to the previous closing.

The gram price of gold, which was mainly sales in parallel with the decrease in the ounce price yesterday, is at the level of 2 thousand 907 liras, with an increase of 0.4 percent after starting the day with an increase.

As of the same minutes, quarter gold is sold for 4 thousand 990 liras, and Republic gold is sold for 19 thousand 880 liras.

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