Goldman Sachs has found the safe haven gold more attractive after a volatile December.
The bank on Thursday raised its gold forecasts to $1,325, $1,375 and $1,425 per troy ounce over the next three, six and 12 months, respectively, from $1,250, $1,300 and $1,350 per troy ounce. Based on gold’s current price, that forecast represents a 10.7 percent increase over the next 12 months.
“Going forward gold will be supported primarily by growing demand for defensive assets. The same is also true of central bank buying, with rising geopolitical tensions incentivizing more central banks to re-enter the gold market,” Goldman’s Jeffrey Currie said in a note to clients on Thursday.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana. The Company also has a small gold mining and exploration portfolio in Kenya, Ghana and Burkina Faso.