Stocks and oil futures (CLK24) might have ended lower on Monday, but gold futures (GCM24) once again ended higher, settling atop the $2,400 level as the market awaits Israel’s response to a weekend missile attack by Iran. Leaders in the U.S., UK, and France are among the Western allies urging Israel to de-escalate the situation, though IDF officials have so far indicated Israel is weighing some type of response to the strike.
Analysts at Goldman Sachs (GS) recently hiked their gold price forecast to $2,700 for this year, citing rising geopolitical tensions as demand for the safe haven increases. Bank of America also boosted its gold price forecast, with analysts there forecasting gold prices as high as $3,000 by 2025.
