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Mining Weekly reported that on Friday, Goldman Sachs Group Inc. (NYSE:GS) raised its gold price outlook by $62. It now expects the yellow metal to average $1,262 per ounce in 2015.
For more information on the gold price, see A Brief Overview of the Gold Price Today.
This post was originally published on Gold Investing News on January 26, 2015.
Mining Weekly reported that on Friday, Goldman Sachs Group Inc. (NYSE:GS) raised its gold price outlook by $62. It now expects the yellow metal to average $1,262 per ounce in 2015.
As quoted in the market news:
The bank expected gold prices to rise in the near term citing recent factors, including weaker-than-expected US economic data, the run-up to an announcement on the quantitative easing measures by the European CentralBank and the unexpected decision by the Swiss National Bank to remove its cap on the Swiss franc against the euro.
However, the bank saw lower gold prices in the longer term, mainly due to expectations of lower inflation, lower energy prices having a deflationary effect on gold’s mining marginal cost and a stronger US dollar.
Goldman expects gold prices to resume declining in the third quarter, in line with the start of the expected hike in interest rates by the US Federal Reserve.
Goldman slashed its 2016 average gold price outlook to $1 089/oz from $1 200.
