Gold is trading near a seven-year high, supported by an increasing number of coronavirus cases worldwide that threaten to curtail global economic activity. The metal has outperformed traditional haven currencies including the Japanese yen and Swiss franc as “the haven of last resort,” Goldman analyst Mikhail Sprogis said in a note Wednesday.
The bank expects prices to climb to US$1,700 an ounce in three months, and to US$1,750 in six months. It previously forecast US$1,600 for both time frames. Goldman also raised its silver forecast.
