Goldman Sachs has pushed up its gold price projections amid the Ukraine war. The bank now sees the yellow metal hitting $2,300 per ounce within the next three months and topping $2,500 by the end of the year. Experts say that since the current geopolitical crisis has global stock markets on shaky ground, many investors are turning to safe-haven investments like gold and silver.

 

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

Gold prices have surged nearly 18 percent thus far in the 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 percent to $2,500 an ounce by the year-end.

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 into gold ETFs.

At the beginning of the Russia Ukraine tensions, Goldman Sachs had suggested that the resulting rally in commodities could further deteriorate the developed market (DM) growth inflation mix, increase concerns of a US recession, and push gold ETF inflows to 600 tons and, in turn, push the gold prices to $2,350 an ounce in 12-months. This scenario, it said, is now becoming the base case.

You can read the full article, here.

 

Kitco News/Jim Wyckoff
Price advances for gold, silver as stock markets wobble

Gold and silver prices are higher in early U.S. trading Thursday, on more safe-haven demand amid risk aversion that is still keen in the marketplace. Global stock markets are still on shaky ground amid the biggest geopolitical crisis in decades that appears to be worsening. April gold futures were last up $19.80 at $2,008.10 and May Comex silver was last up $0.314 at $26.125 an ounce.

Global stocks markets were mixed overnight, with European shares mostly down and Asian shares mostly up. The U.S. stock indexes are pointed toward lower openings when the New York day session begins. Some stock market bears are calling Wednesday”s U.S. rally a “dead-cat bounce.” The U.S. stock indexes remain in near-term price downtrends on the daily charts. Risk aversion remains elevated amid the ongoing Russia-Ukraine war. Talks between the two warring nations have produced no positive results, including those held today.

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Reuters via CNBC
Gold rises as investors track Russia-Ukraine talks, await U.S. CPI

Gold firmed on Thursday after a sharp correction in the previous session as worries over the Russia-Ukraine crisis persisted after no progress was made in talks between the two sides, while key U.S. inflation data is also likely to provide direction.

Spot gold was up 0.2% at $1,996.09 per ounce by 1047 GMT after tumbling as much as 3% on Wednesday. U.S. gold futures gained 0.7% to $2,002.40.

“Gold bulls have shown little qualm in catapulting prices higher on signs the Ukraine crisis could drastically worsen the global economic outlook,” Han Tan, chief market analyst at Exinity said.

You can read the full story, here.

 

 

 

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