Gold Price Will Stay Up Due to Syrian Crisis, Says Goldman Sachs

The unrest in Syria should keep the price of gold close to the $1,400 mark for most of the rest of the year, according to a new analyst note by Goldman Sachs.

The investment bank raised its second half gold forecast to $1,388, a stark jump from its previous $1,300 estimate, The Economic Times reports.

“We believe the recent uptick is a result of investors positioning themselves for an increase in inflation rates and speculation regarding a potential military strike on Syria,” the bank said in a Sept. 2 note, according to the news report.

At press time, gold was trading at $1,413 an ounce in what analysts called a response to the current unrest in Syria.

 

JCK News Director