Goldman Sachs has raised its gold price forecasts citing the fall in US real rates and intensifying sovereign debt issues in both the United States and Europe.
"We expect gold prices to continue to climb in 2011 given the current low level of US real interest rates," the Wall Street bank said in a note to clients on Monday.
The investment bank raised its three-month gold price forecasts to USD 1,645 per troy-ounce, from USD 1,565 per troy-ounce.
It also upped its six-month and 12-month forecasts to USD 1,730 per troy-ounce and USD 1,860 per troy-ounce, respectively.
Goldman also said it recommended initiating a long COMEX December 2011 position.
"We expect gold prices to continue to climb in 2011 given the current low level of US real interest rates," the Wall Street bank said in a note to clients on Monday.
The investment bank raised its three-month gold price forecasts to USD 1,645 per troy-ounce, from USD 1,565 per troy-ounce.
It also upped its six-month and 12-month forecasts to USD 1,730 per troy-ounce and USD 1,860 per troy-ounce, respectively.
Goldman also said it recommended initiating a long COMEX December 2011 position.
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