Economics
Goldman No Believer in Gold Rally as Fed to Hike Three Times
- Bullion forecast to decline to $1,000 by year-end, bank says
- U.S. economy seen growing above-trend in 2016, Goldman says
JPMorgan: Gold Rally Breaks the Bullion Downtrend
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Goldman Sachs Group Inc. is no believer in gold’s rally, predicting losses over the coming year as the Federal Reserve increases U.S. interest rates no fewer than three times. Futures dropped.
“Our economics team forecasts that the Fed will raise rates by 25 basis points three times this calendar year, to 1.3 percent,” analysts including Jeffrey Currie and Max Layton wrote in a report received on Tuesday, forecasting that bullion will trade at $1,000 an ounce by the end of 2016.