Breaking Down the GS Report in full
China physical demand
Authored by Lina Thomas and Daan Struyven for Goldman Sachs
We raise our end-2025 gold price forecast to $3,100/toz (vs. $2,890/toz prior) on structurally higher central bank demand, with our GS central bank nowcast surprising once again to the upside in December, and we reiterate our long gold trading recommendation.
We estimate that structurally higher …