Goldman Sachs analysts have lowered their year-end gold forecast by $500 an ounce to $4,900, citing a shift in Federal Reserve rate-cut expectations. The revision reflects a lower forecast for inflows into gold-backed ETFs after Goldman economists pushed back expectations for US rate cuts to June and December of next year. Analysts Lina Thomas and Daan Struyven said the bank remains structurally constructive on gold but tactically cautious, noting near-term downside risk and medium-term upside potential. Gold last traded near $4,165 an ounce and was on track for a third weekly decline after touching a record just below $5,600 at the end of January. Goldman said a Fed hike could possibly pressure gold toward $4,400 by year-end, although central-bank buying remains a support, with official purchases seen at 50 tons a month this year and 40 tons a month next year.
Goldman Sachs Group IncGoldman Sachs analysts lowered gold price forecast, reflecting their own view, which may affect the firm's trading revenues or reputation.