Loading ...(Reuters) – Goldman Sachs on Monday maintained its three-, six- and 12-month forecast for gold at $1,600 per ounce, contending safe-haven bullion to be a better hedge than oil during phases of geopolitical uncertainty.
“The range of potential scenarios is very large; spanning oil supply shocks or even oil demand destruction — which would be negative to oil prices,” the Wall Street bank said in a note, adding under most outcomes gold is likely to rally beyond the current levels.