Goldman Sachs Group boosted its gold forecast to $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 $200, and said “in the event that the virus effect spreads to Q2, we could see gold top $1 800/oz already on a three-month basis.” Spot gold, which is up more than 8% this year, traded at $1 651.70 an ounce on Thursday.