Goldman Sachs have reiterated their gold target of $3,000 an ounce by December 2025

Goldman Sachs with the usual suspects cited for a rising gold price, saying structural drivers include:

• higher demand from central banks
• flows into exchange-traded funds
• Federal Reserve rate cuts

GS restated their US$3,000 target for end -2025.

Also cited:

• unprecedented escalation of trade tensions could revive speculative positioning in gold
• rising concern over US fiscal sustainability

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On oil:

• Brent crude expected to trade in a range of US$70 and $85 a barrel n in2025
• GS see some near term risk to the upside if Trump clamps down on flows from Iran,
  “The new US administration further raises the risks to Iran supply”

This article was written by Eamonn Sheridan at www.forexlive.com.