Goldman Sachs raises gold price forecast to $2 900/oz for early 2025

Goldman Sachs on Monday raised its gold price forecast to $2 900/oz from $2 700/oz for early 2025 citing gradually rising ETF flows with interest rate cuts in the West and China, and higher central bank purchases.

"We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold's hedging benefits against geopolitical, financial, and recessionary risks," the bank said in a note.