Goldman Sachs: Central banks may make large gold purchases in November, maintaining year-end 2024 gold price forecast at 4900

Jinse Finance reported that Goldman Sachs stated that central banks may have purchased a large amount of gold in November, continuing a multi-year trend of diversifying reserves to hedge against geopolitical and financial risks. In a report, Goldman Sachs reiterated its forecast that gold prices will reach $4,900 by the end of 2026, and if private investors continue to diversify their portfolios, gold prices could rise even further. So far this year, gold prices have risen by 55%, mainly driven by economic and geopolitical concerns, increased inflows into exchange-traded funds, and expectations of further interest rate cuts in the United States. Goldman Sachs estimates that central banks purchased 64 tons of gold in September, up from 21 tons in August.