Concerns about a further escalation of the situation in the Middle East are tight on the stock markets. The mood is clouding over and investor risk aversion is increasing. Many investors play it safe and go to the classic safe havens. The run also caused the gold price to soar again. During the night on Wednesday, the price for one troy ounce rose above the $ 1,600 mark for the first time since 2013. Recently, profits crumbled somewhat, the price dropped to $ 1,585 / ounce. But that’s still around $ 20 more than the previous day.
The price has thus also reached Goldman Sachs’ target price. “The current investment deficit leads to higher savings and thus also drives gold,” says the forecast for 2020. The US investment bank sees not only increasing risk aversion among investors as a driving force, but also increasing demand from international central banks. Further drivers for the gold price are rising inflationary pressures and a recovery in emerging market currencies compared to the US dollar.