Gold's record-breaking rally may have even more room to run, according to Goldman Sachs.
Analyst Lina Thomas forecasts the commodity will rise around 10% by December 2025, hitting the $3,000 threshold in that period.
After advancing to a fresh record last week , spot gold reached an all-time high on Wednesday.
"We still see significant hedging value in long gold positions in geopolitical or macroeconomic scenarios that are less friendly for equity-bond portfolios than our soft landing base case," she wrote.
That said, she anticipates demand moderation could also allow for more upside.
Persons:
Goldman Sachs, Lina Thomas, Thomas
Organizations:
U.S
Locations:
Russia, Ukraine, London