Express News | Spot Gold Hits Record High at $3,060.37/Oz
The futures market surged 1.6% during trading, breaking through the 3100 dollar mark, with Goldman Sachs and Bank of America both raising their Target Prices.
The New York gold futures have strongly broken through the $3100 mark, setting a new historical high. Goldman Sachs has raised its gold price target to $3300, while Bank of America is more aggressive, believing that if Global gold investment demand increases by 10% year-on-year, the gold price could rise to $3500 within 18 months.
International gold prices skyrocketed to a new high! Trump's tariffs triggered a rush for safe-haven assets, and Goldman Sachs stated that prices will rise further.
① Spot gold prices and Gold Futures prices have both reached new highs. Spot gold surged to $3059.63, while New York Gold Futures for the main contract temporarily broke the $3100 mark; ② The USA President Trump announced new tariffs on Autos, leading to escalated tensions in Global trade, causing investors to seek safe-haven Assets.
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Gold prices are rising too quickly! Goldman Sachs is already looking at $3,300 by the end of the year before even finishing the report.
①Goldman Sachs Analysts Lina Thomas and Daan Struyven just raised the target price for gold by the end of 2025 to $3,100 per ounce last month; ②this month, the gold price has already surpassed the $3,000 mark for the first time in history, forcing Goldman Sachs to hurriedly "tear up the report" and revise their forecast.
Goldman Sachs has raised its year-end gold price target to $3,300, citing that "demand from central banks and ETFs has exceeded expectations."
Goldman Sachs stated that recent ETF inflows have been unexpectedly strong, reflecting an increase in investors' demand for safe-haven assets. In addition, Goldman Sachs expects that major central banks in Asia may continue to rapidly purchase Gold over the next 3-6 years, with countries like China potentially raising their target Gold reserve ratio from the current 8% to 20-30%.
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