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Goldman Sachs Limits Gold Price Target – What Experts Say

Gold: bars and coins

Despite the war in Ukraine and concerns over the economy, the price of the precious metal has fallen by about ten percent from its year’s high.

(Photo: imago images / McPHOTO)

Dusseldorf Gold prices hold up amid the selling sentiment of everything in the market. The price for a troy ounce of the precious metal is around $ 1830 on Thursday, and thus at the level of the previous day. Compared to the high of the year, however, the minus is around ten percent.

Activtrades analyst Ricardo Evangelista explains that the economic worries of the gold currency crisis would actually benefit, but the upside potential is limited by the strong dollar. The US currency has grown 9% against the euro since the beginning of the year and has also grown against all other major currencies. This makes investing in gold more expensive for many investors.

In view of the high rates of inflation around the world, the dollar is seen as a protection for investors, before gold, explains analyst Craig Erlam of the online broker Oanda: “We have entered another phase of the inflationary panic. and until it’s gone the dollar will probably remain king, and that’s not good news for gold.

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