Gold prices could rally to $3,000 by year end, says Goldman Sachs.
The firm “sees continued tailwinds for gold amid an ongoing flight to safety due to geopolitical risks, continued buying of the commodity by central banks, and rising demand among Asian households,” as noted by BarChart.com.
Gold is also pushing higher after Federal Reserve Chairman Jerome Powell told a U.S. Senate panel the U.S. economy had cooled, and “made no surprisingly hawkish comments that could have thrown cold water on the Fed cutting interest rates yet this year,” as noted by Kitco.com.
Last trading at $2,380.20, gold is up another $15 on the day. All of which could help drive gold stocks, like Barrick Gold (GOLD) even higher.