JAKARTA – Goldman Sachs, the largest investment bank and financial services company from the United States (US), has projected that gold prices will reach USD 3,100 per troy ounce by the end of this year.

This forecast is higher than their initial estimate, which was expected to hit USD 2,890 per troy ounce.

Daan Struyven, Co-Head of Commodities Research at Goldman Sachs, mentioned two key factors driving the upward revision of the gold price forecast this year.

Firstly, Struyven noted, the demand for gold from several central banks has increased, especially amid escalating trade tariffs between major countries like the United States (US) and several of its trading partners.

“We have also observed that gold purchases by central banks have surged fivefold since 2022,” Struyven said in an interview on Tuesday (18/2).

Additionally, Struyven pointed out that gold has lower volatility. “This makes gold an attractive safe-haven asset,” he added.

According to data compiled by IDNFinancials.com, spot gold prices strengthened by 1.26% at the close of trading on Tuesday, reaching USD 2,934.10 per troy ounce. (KR/ZH)