Markets Insider: Gold Could Jump 11% Next Year as Central Banks Ramp Up Their Buying Spree, Goldman Sachs Economist Says
Article by Jennifer Sor in Markets Insider
The price of gold could hit $3,000 an ounce next year as central bankers continue to scoop up the precious metal, Samantha Dart, the co-head of commodities research at Goldman Sachs, said.
The price of gold traded around $2,698 an ounce early Friday, with Dart's forecast implying 11% upside. That increase will be fueled primarily by central bank buying, she said, with central banks around the world already having scaled their purchases of gold five-fold compared to their pre-2022 average.
Last quarter, central bank purchases of gold more than doubled on a year-over-year basis to 186 tons, according to data from the World Gold Council. Central bankers have snapped up ......