Mumbai, 24 Feb (Commoditiescontrol): Gold prices could see a surge in the coming year, driven by robust demand from central banks and retail consumers within emerging markets, according to a report by Goldman Sachs Research.
Analysts Nicholas Snowdon, Head of Metals in Commodities Research, and Lavinia Forcellese anticipate a 6% increase in the price of precious metals over the next 12 months, reaching around $2,175 per troy ounce. However, they acknowledge near-term price volatility could occur due to uncertainty surrounding the US Federal Reserve's interest rate policy.
The recent escalation in geopolitical tensions has led to a surge in gold purchases by central banks. Between 2022 and 2023, central banks acquired an average of 1,060 tonnes of gold, a significant increase from the average of 509 tonnes purchased between 2016 and 2019.
"Goldman Sachs analysts anticipate continued strong central bank purchases fueled by emerging market countries seeking to diversify their reserves, coupled with ongoing geopolitical tensions," the report states.
(By Commoditiescontrol Bureau; +91-9820130172)
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