Goldman Sachs cuts year-end gold target by $500, doubting rate cuts

Goldman Sachs revised its year-end forecast for gold to $4,900, indicating an increase from current levels, but less than previously expected.

Goldman Sachs lowered its year-end gold forecast by $500 an ounce, citing expectations that the US Federal Reserve won’t cut interest rates this year.

The revised target places gold at $4,900, down from earlier estimates of $5,400. It comes on the assumption that the next Fed cuts could be pushed to March 2027 and December 2027.

“Our gold price views remain structurally constructive but tactically cautious, with near-term downside risk and medium-term upside risk,” Goldman Sachs commodity analysts Lina Thomas and Daan Struyven said, according to Bloomberg.

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