Goldman Sachs with the usual suspects cited for a rising gold price, saying structural drivers include:
- higher demand from central banks
- flows into exchange-traded funds
- Federal Reserve rate cuts
GS restated their US$3,000 target for end -2025.
Also cited:
- unprecedented escalation of trade tensions could revive speculative positioning in gold
- rising concern over US fiscal sustainability
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On oil:
- Brent crude expected to trade in a range of US$70 and $85 a barrel n in2025
- GS see some near term risk to the upside if Trump clamps down on flows from Iran, “The new US administration further raises the risks to Iran supply”
