Gold costs (XAUUSD:CUR) ended the week on a robust observe as “rising coronavirus circumstances in China and america speed up the flight to security,” says FXTM senior analysis analyst Lukman Otunuga.
August Comex gold closed +1.3% to $1,753/oz., the best end for a most-active contract since mid-Could, and ended 0.9% increased for the week; additionally, July silver (XAGUSD:CUR) settled +1.9% to $17.84/oz., posting a weekly rise of two.1%.
Goldman Sachs raised its 12-month forecast on gold to $2,000/oz. from $1,800, citing low actual rates of interest and issues over forex debasement.
The financial institution additionally lifts its 12-month silver forecast to $22/oz. from a earlier forecast of $15, anticipating silver industrial demand to rise as the worldwide financial system recovers.