Gold's status as a safe haven is shining brighter, fueled by central bank buying, geopolitical tensions, and expectations for Fed rate cuts. December-dated gold futures (GCZ24) hit a record $2,570 an ounce on Aug. 20 before easing back, while spot gold has surged 30% over the past year.
Analysts from Citi and Bank of America predict gold could hit $3,000 in the long term, citing its enduring appeal as a hedge against economic volatility. More recently, Goldman Sachs issued a long gold recommendation, forecasting the yellow metal could reach $2,700 by early 2025 amid the “current softening cyclical environment.”
