“While the gold price-to-rates relationship remains intact in changes, the fivefold increase in our nowcast of central bank demand in the London OTC market since Russia invaded Ukraine has reset this relationship in levels.”
Last month Goldman revealed their methodology for reassessing Gold’s price drivers going forward which was discussed in Preview: Goldman Shares a Gold Secret and Secretive Gold Buyer (sort of) revealed. Now they further refine their methodology and with it their price targets.