The global investment bank Goldman Sachs Group Inc, led by Jeffrey Currie has raised their price forecast for gold. The banks’ analyst predicts that over one year the gold price will climb to USD 1,425 per ounce – a level not observed in more than 5 years
The concern surrounding recession hitting the United states have raised the demand for gold from investors who seek to bet on protective assets in their portfolio. In addition, uncertain geo-political situation has also got elevated its demand from the RBI.
MCX Gold: Apart from Goldman Sachs forecast, back to MCX Gold, Gold prices on Friday jumped by Rs 120 to Rs 32000 per 10 gram in futures trade as speculators broadened their bets, amid a strong trend overseas.
God in the Multi Commodity Exchange (MCX), for delivery in February was trading higher by Rs 120, or 0.38%, to Rs 32,000 per 10 gram. Likewise, gold for March delivery edged higher by Rs 136, or 0.43% to Rs 32,108 per 10 gram with a business volume of 115 lots.