Goldman Sachs lifts gold forecast to $3,700 by year-end

KARACHI: Goldman Sachs on Monday raised its gold price forecast, projecting the metal will reach $3,700 per ounce by the end of 2025 and climb further to $4,000 by mid-2026, driven by stronger-than-expected demand from central banks, international media reported.

It now expects global central banks to purchase 80 tonnes of gold per month, up from the previous estimate of 70 tonnes.Gold prices have been steadily climbing in recent months as investors and institutions turn to the metal as a hedge against economic uncertainty. In the Pakistan market too, gold has had a bullish run. Last week, it marked the second-highest, single-day increase of Rs10,000 per tola. On Monday, however, gold dropped by Rs1,800 per tola following a decline in international rates.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices dropped to Rs338,800 per tola.Similarly, the price of 10-gram gold decreased by Rs1,543, bringing it down to Rs290,466.

In the international market, gold rates fell by $18, settling at $3,218 per ounce. Local gold prices are typically adjusted with a premium of $20 over international rates.Silver prices remained unchanged at Rs3,234 per tola. The price of 10-gram silver also stood the same at Rs2,772.