Gold price projections from Goldman Sachs:

  • 3 months $1450 (prior forecast was at $1350)
  • 6 months $1475 (from $1350)
  • 12 months $1475 (from $1425)

Reasoning from GS:

  • gold supported by central bank buying, GS expect the buying to be more than 100 tonnes over last year's levels
  • lower real interest rates to support gold


  • base case scenario is global growth gradually improves in H2 of 2019
  • recession worries recede
  • should eventually lead to a gradual moderation in "fear" driven investment demand for gold
  • Emerging market GDP growth gradually improves

GS say they see less tactical upside for gold

  • but weak growth in DM is a positive strategically (portfolio diversification)
  • if slow growth in DM persists, GS expect 2016 to repeat (ETF buying increased by 800 tonnes Jan to Sep that year) - this could take gold prices above $1600
Gold priceprojections from Goldman Sachs: