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Business News › Markets › Stocks › News › Goldman sees glittering future for gold. Boosts year-end target to $3,700
Goldman sees glittering future for gold. Boosts
year-end target to $3,700
By Nishtha Awasthi, ETMarkets.com Last Updated: Apr 14, 2025, 02:48:00 PM IST
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Synopsis
The bank attributes the bullish revision to stronger-than-expected central bank demand
and mounting recession risks, which have contributed to a surge in gold-backed ETF
inflows.
Reuters
Global investment bank Goldman Sachs has
sharply raised its year-end gold price forecast to
$3,700 per troy ounce, up from its earlier estimate
of $3,300, according to a report from Reuters,
which cited the Wall Street giant’s latest
commodity outlook.
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The bank attributes the bullish revision to stronger-than-expected central
124.11 -59.7%
bank demand and mounting recession risks, which have contributed to a IRFC Share Price
Upside
surge in gold-backed ETF inflows. Spot gold has gained over 23% so far in 2025, 03:59 PM | 11 Apr 2025
1.05(0.86%)
breaching $3,200/oz for the first time last Friday, continuing its upward rally 53.0 34.0%
Suzlon Energy
from last year and setting a string of new record highs. Share Price
03:59 PM | 11 Apr 2025
Upside
Powered By 1.79(3.5%)
154.2 39.4%
IREDA Share Price
03:59 PM | 11 Apr 2025
Upside
2.58(1.71%)
595.05 36.8%
Tata Motors Share
Price
03:59 PM | 11 Apr 2025
Upside
12.15(2.09%)
17.15 -5.5%
YES Bank Share
Price
03:59 PM | 11 Apr 2025
Upside
-0.02(-0.06%)
Load more..
Discover the stocks with maximum upside
potential based on the key investment themes.
Goldman now expects central banks to purchase an average of 80 tonnes of
UpsidePotential by Sectors
gold per month, revising its earlier assumption of 70 tonnes. This pace is
significantly above the pre-2022 baseline of 17 tonnes per month, reflecting a NBFC
Upto 99% Upside
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sustained shift in monetary reserves strategy amid global macroeconomic
uncertainty. Upto 99% Upside
Real Estate 13 Stocks to Unlock
The bank also highlighted rising investor appetite for gold ETFs, citing its View All by Sectors
economists’ latest assessment that puts the probability of a U.S. recession at
45% over the next 12 months. Recession fears typically drive safe-haven flows
into gold, a trend that has already started to reflect in ETF buying patterns.
In its medium-term outlook, Goldman said the risks to their revised forecast
are skewed to the upside. Should central bank purchases climb to 100
tonnes/month, the bank estimates gold could rally further to $3,810/oz by end-
2025. On the ETF front, if a recession materializes, inflows could return to
pandemic-era highs, supporting prices around $3,880/oz by year-end.
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Market Dashboard NSE BSE
WEEKLY GAINERS * LOSERS
1,530.85
Rainbow Childrens
03:58 PM | 11 Apr 2025
157.15 (11.44%)
2,701.80
Dr Lal Pathlabs
03:55 PM | 11 Apr 2025
186.95 (7.43%)
709.95
Marico
03:59 PM | 11 Apr 2025
49.00 (7.41%)
366.80
However, Goldman also warned of a scenario where stronger-than-expected Jyothy Labs
03:58 PM | 11 Apr 2025
economic growth, driven by reduced policy uncertainty, could temper the rally. 24.20 (7.06%)
In such a case, gold prices may stabilize near $3,550/oz by the end of the year.
View All Top Gainers ››
In India too, gold prices, though volatile, have been gaining momentum. In the
last week alone, gold June futures contracts on MCX hit their new peak twice.
The recent all-time high for gold at the time of writing this article stood at Rs
93,940/10 grams.
Also read: “The crash has arrived”: Rich Dad Poor Dad author Robert
Kiyosaki doubles down on gold, silver, Bitcoin strategy
(Disclaimer: Recommendations, suggestions, views and opinions given by the
experts are their own. These do not represent the views of The Economic
Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
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Asian stocks rally as electronics get a tariff break
Reuters Last Updated: Apr 14, 2025, 02:29:00 PM IST
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Synopsis
Major stock indexes bounced in Europe and Asia on Monday after the White House
exempted smartphones and computers from "reciprocal" U.S. tariffs, though gains were
limited as President Donald Trump warned levies were still likely.
ETMarkets.com
Major stock indexes bounced in Europe and Asia
on Monday after the White House exempted
smartphones and computers from "reciprocal" U.S.
tariffs, though gains were limited as President
Donald Trump warned levies were still likely.
Indeed, Trump on Sunday told reporters tariffs on
semiconductors would be announced over the next week and a decision on
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phones made "soon".
124.11 -59.7%
IRFC Share Price
03:59 PM | 11 Apr 2025
Upside
1.05(0.86%)
53.0 34.0%
Suzlon Energy
Share Price
03:59 PM | 11 Apr 2025
Upside
1.79(3.5%)
154.2 39.4%
IREDA Share Price
03:59 PM | 11 Apr 2025
Upside
2.58(1.71%)
595.05 36.8%
Tata Motors Share
Price
03:59 PM | 11 Apr 2025
Upside
12.15(2.09%)
17.15 -5.5%
YES Bank Share
Price
03:59 PM | 11 Apr 2025
Upside
-0.02(-0.06%)
Load more..
On the face of it, the exemption of 20 product types accounting for 23% of U.S.
imports from China was a boon to manufacturers.
Discover the stocks with maximum upside
potential based on the key investment themes.
However, the uncertainty was still exerting downward pressure on the dollar
and U.S. government bonds, and the off-again, on-again trade policy gyrations UpsidePotential by Sectors
have left investors confused and analysts bearish on the long run. Upto 99% Upside
NBFC 20 Stocks to Unlock
"I think the likelihood that deals get agreed and lead to lower tariffs down the
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road has grown a bit, and I feel relatively good about the news flow," said Samy Real Estate 13 Stocks to Unlock
Chaar, chief economist at Lombard Odier.
View All by Sectors
"Still the risk scenario of things breaking down hasn't gone away, we're still
worried about both the overall level of tariffs and also how long we remain
with this uncertainty because that itself is causing damage."
"If you're a U.S. company, you've postponed hiring, and capital expenditure,
and I worry about when companies have to start cutting costs, that's the point
you don't want to reach."
Still, just the prospect of a pause was enough to lift S&P 500 futures 1.4%,
while Nasdaq futures rose 1.8%. The S&P 500 rallied 5.7% last week, but was
still more than 5% below where it was before the reciprocal tariffs were first
announced in early April. Market Dashboard NSE BSE
The optimism was also felt in Europe and Asia, outperforming also because WEEKLY GAINERS * LOSERS
they missed the tail end of the bounce on Wall Street on Friday.
1,530.85
Rainbow Childrens
03:58 PM | 11 Apr 2025
Europe's broad STOXX 600 index rose 2%, having lost 2% last week, and 157.15 (11.44%)
MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.5% after 2,701.80
Dr Lal Pathlabs
shedding more than 4% last week. 03:55 PM | 11 Apr 2025
186.95 (7.43%)
Tech firms and the broader supply chain were the biggest gainers, up 2.8% in Marico
709.95
Europe, after giants in Apple's supply chain surged in Asia. 03:59 PM | 11 Apr 2025
49.00 (7.41%)
366.80
Jyothy Labs
Apple's own shares jumped nearly 6% in very early premarket trading. 03:58 PM | 11 Apr 2025
24.20 (7.06%)
The market also has more earnings to weather this week with Goldman Sachs, View All Top Gainers ››
Bank of America and Citigroup among the big banks reporting. Numbers from
chipmaker TSMC will be a highlight given Trump's plan to investigate the
entire global semiconductor supply chain.
In terms of economic data, March numbers showed a 12.4% jump in Chinese
exports during March as firms rushed in orders ahead of Trump's tariffs.
On the docket this week are U.S. retail sales and Chinese gross domestic
product, while Federal Reserve Chair Jerome Powell speaks on the economic
outlook on Wednesday, when he will almost certainly be quizzed on the
prospect of rate cuts and the recent stress in the Treasury market.
NOT SO SAFE
Early on Monday, there was scant sign of any recovery in U.S. bonds with 10-
year yields at 4.47%, having seen the largest weekly rise in borrowing costs in
decades.
Notably the rise in yields came alongside a fall in the dollar both on safe
havens like the yen and Swiss franc, but also the euro.
TRENDING IN MARKETS
The fall can be explained overseas investors flooding out of U.S. assets to move Dow Jones Live Sensex Nifty 50 Crash Today
back home, though some are asking broader questions. Nifty Today Live Updates Vodafone Idea News
"It is no longer hyperbole to say that the dollar's reserve status and broader
dominant role is at least somewhat in question, even if the inertia and
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network effects that have kept the dollar on top for decades are not going away
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"The key questions are around the indirect damage done through generating
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3. India may wrap key parts of US trade talks in 6
weeks
dislocations in the Treasury market and, ultimately, undermining confidence
in U.S. institutions and asset markets."
Japanese officials are gearing up for trade negotiations with the United States
that will likely touch on currency policy, with some officials privately bracing
for Washington to call on Tokyo to prop up the yen.
They might not need to work too hard given the dollar had taken a beating
from worries the erratic nature of Trump's trade policy was shaking investor
faith in U.S. assets.
On Monday, the dollar was last down another 0.4% on the Japanese currency, DISCOVER MUTUAL FUNDS
below 143 yen after hitting a six-month low at 142.05 last week. It was pinned
at 0.8174 Swiss francs, having shed more than 5% last week to the lowest in a All Mutual Top Tax Saving
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decade.
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The euro was a touch firmer $1.1354, just short of a three-year top of $1.1474. Fixed Deposits Return Funds
The European Central Bank meets on Thursday and is considered certain to
cut rates by a quarter point to 2.25%.
Canada's central bank also meets this week, and markets imply around a one-
in-three chance it might trim its 2.75% rates.
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In commodity markets, global uncertainty was proving a windfall to gold
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prices which surged to all-time peaks at $3,245 an ounce on Monday.
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and increased supply from OPEC, though it found some support from the risk 2. Peter Lynch’s 4 rules from
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Brent was up 23 cents at $64.99 a barrel, while U.S. crude nudged up 8 cents to
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conviction picks
(You can now subscribe to our ETMarkets WhatsApp channel) 4. Apple shares lead tech higher
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