Goldman Sachs believes that gold is currently in an “unshakable bull market” and raised the precious metal's year-end price forecast to 2,700 US dollars/ounce. Analysts such as Nicholas Snowdon said in the report that the rise in gold prices since mid-2022 is mainly due to purchases by emerging market central banks and individual Asian investors. Furthermore, they said, given that the Federal Reserve will cut interest rates, plus the risk at the end of the US election cycle and the so-called fiscal environment, “the bullish trend in gold prices is still obvious.”

Goldman Sachs believes that gold is currently in an “unshakable bull market” and raised the precious metal's year-end price forecast to 2,700 US dollars/ounce. Analysts such as Nicholas Snowdon said in the report that the rise in gold prices since mid-2022 is mainly due to purchases by emerging market central banks and individual Asian investors. Furthermore, they said, given that the Federal Reserve will cut interest rates, plus the risk at the end of the US election cycle and the so-called fiscal environment, “the bullish trend in gold prices is still obvious.”