Gold forecast from Goldman Sachs! Will the rise continue?
Following the tensions in the Middle East, US banking giant Goldman Sachs has revised its gold forecast upward.
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Gold prices have risen to record levels due to the impact of increasing tensions in the Middle East.
Spot gold tested 2,400 dollars per ounce, reaching an all-time high.
Analysts stated that the rise in gold is driven by geopolitical risks and increased safe-haven demand, alongside concerns regarding the Chinese economy.
Goldman Sachs has raised its year-end gold price forecast from 2,300 dollars to 2,700 dollars per ounce.
In its analysis, Goldman pointed to the Fed's monetary policy steps, the US elections, and developments in the global economy, stating that the upward trend in gold is expected to continue.
TENSIONS IN THE MIDDLE EAST REACH A PEAK
The Iran-Israel tension in the Middle East has reached a breaking point.
Following the attack on its embassy in Damascus, Iran stated that "legitimate defense is a necessity."
US media claimed that Iran could attack Israel within 48 hours.
Israel, on the other hand, announced that they are remaining "on alert" against the possibility of retaliation.