Gold is up almost 19% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fueled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.
Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group Inc. this month ramping up its forecast to $3,300 an ounce by year-end. The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.
Spot gold was trading at $3,121.29 an ounce as of 1:10 p.m. in London. The Bloomberg Dollar Spot Index was flat. Silver was steady, while platinum and palladium both gained.
