01.05.2025 12:40
After the losses seen below, the American investment bank Goldman Sachs announced its year-end forecast. Previously, the bank had set a target of $3,300 per ounce of gold, but in its new report, it raised the estimate to $3,700. Along with Goldman Sachs, other investment banks have also increased their forecasts. UBS raised its estimate for gold to $3,500 per ounce.
Gold prices started the week on a negative trend. The ounce of gold has decreased to 3,220 dollars, losing more than 1% in value. Due to the pullbacks seen in the ounce gold, fluctuations in the gram gold are being observed. Following the declines in gold, global banking giants maintain their long-term bullish outlook for gold prices.
STUNNING PREDICTION
The U.S.-based investment bank Goldman Sachs has revised its year-end forecast for gold. Previously announcing a target of 3,300 dollars for the ounce of gold, the bank has raised its forecast to 3,700 dollars in its new report. Analysts have stated that short-term price movements can be misleading and that a long-term perspective should be adopted when investing in gold.
OTHER BANKS HAVE ALSO RAISED THEIR FORECASTS
Along with Goldman Sachs, other investment banks have also raised their forecasts. UBS has increased its prediction for the ounce of gold to 3,500 dollars. Commerzbank has set a target of 3,000 dollars, Deutsche Bank 3,139 dollars, HSBC 3,015 dollars, Bank of America 3,063 dollars, and Citi 3,500 dollars. The banks predict that global economic uncertainties and inflation pressures will support gold.
The current decline in gold prices is attributed to the strengthening of the U.S. dollar and interest rate expectations. However, experts indicate that geopolitical risks and central banks' demand for gold could push prices higher. In Turkey, the movement of gram gold is shaped by the ounce gold and exchange rates.