The bank reduced its year-end gold target amid expectations of prolonged steady interest rates from the Federal Reserve.
Goldman Sachs revised its year-end gold price target downward by $500, citing the Federal Reserve’s anticipated steady interest rates. The adjustment reflects a less bullish outlook for the precious metal in 2024 despite expected gains for the year.
The bank’s prior forecast had accounted for more aggressive rate cuts, which failed to materialize. Gold prices have remained sensitive to Fed policy shifts, with higher rates typically weighing on non-yielding assets like gold.
No immediate market reaction was detailed, but the revision may influence investor positioning in commodities markets.