Goldman Sachs has raised its year-end target price for gold from $4900 per ounce to $5400 per ounce.

Goldman Sachs raised its year-end target price for gold from $4,900 per ounce to $5,400 per ounce, citing increasing demand for gold from private sector investors and central banks. Analysts at Goldman Sachs noted in their report that they expect central banks around the world to purchase 60 tons of gold each month this year, and with the Federal Reserve cutting interest rates, the holdings of gold ETFs will also increase. The analysts at Goldman Sachs stated that central banks around the world have already begun competing with private sector investors for limited gold through traditional ETFs.