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."
"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.
"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."
"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.
3 months ago
