By: Taarek Refaat
WASHINGTON, Jan. 10 (SEE)- Goldman Sachs analyst Jeffrey Currie predicted on Thursday that gold prices will soar in the next 12 months to its highest level since 2013.
The price of the yellow metal will rise to $ 1425 per ounce over the next 12 months, a level not witnessed for more than five years, according to Bloomberg.
“Gold prices have benefited from the rising geopolitical tensions fueling central bank purchases, including fears of a recession that boosted demand for safe assets,” Currie said.
Prices are also supported by growing expectations that the Fed will hold interest rates this year.
Since its lowest level last August, gold prices rose about 10 percent.
Gold futures for February delivery fell 0.4 percent to $ 1287.40 per ounce.
The investment banking company raised its forecasts of gold to $1325 per ounce over the next three months, $1375 in six months and $1425 in 12 months.