The Largest US Investment Bank Forecasts Gold at $2,000 an Ounce

Goldman Sachs analysts have adjusted their 12-month gold price forecast up to $2,000 an ounce, as reported by FX Street. The investment bank's previous target was $1,800.

The bank's analysts believe that in order for the price of gold to reach $2,000, the US inflation rate must grow to 2% or more. The Federal Reserve aims to reach this target value while keeping interest rates at a record low. Moreover, the bank has also increased its 3-month and 6-month predictions to $1,800 and $1,900 an ounce, respectively, as opposed to the earlier forecasts of $1,600 and $160.

According to TD Securities, a Canadian bank, the yellow metal is now trading inside a narrow channel but can break out any moment. Many banks have recently corrected their gold price targets upwards, citing the QE policy of central banks as the key price driver.

According to the Goldman Sachs report, even though gold hasn't managed to break through the resistance at $1,750, the current price is still as high as the peak prices in the past few years. Thus, the market is on the verge of a new rally. We've already witnessed a similar situation in the past, and such occasions were usually followed by a price rally.

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