'Gold is not done': Goldman Sachs predicts a rise to $4,900

Gold's (GC=F) disappointing performance over the past four months may not signal the end of the precious metal's rally this year.

"Gold is not done," Goldman Sachs co-head of global commodities research Samantha Dart said in a note on Sunday evening.

Noting the precious metal has gained 123% since 2022, Dart and her team wrote, "we continue to see further upside, driven by both structural and eventually cyclical factors."

What are the main headwinds facing gold prices?

Why does Goldman Sachs expect gold to reach $4,900?

How are central banks affecting gold's long-term outlook?

What caused gold's 24% decline since February?

"Structurally, EM central bank diversification — following the 2022 freezing of Russia's reserves — remains the anchor of our $4,900/toz end 2026 forecast," said Dart.

The researchers also noted that a recent World Gold Council survey said a record 45% of the 76 central banks surveyed between February and May expect to increase their own gold reserves over the next 12 months.

Cyclically, however, gold faces near-term headwinds as "a hawkish Fed helps fade the debasement theme" and as markets price in Fed hikes this year amid inflation concerns, weighing

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/article/gold-is-not-done-goldman-sachs-predicts-a-rise-to-4900-142931918.html)