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Goldman Sachs says virus could push gold to $1800 as early as next month

If you were thinking of investing in gold now is the time to buy as experts say that the escalating coronavirus situation could push the precious metal to $1800 in Q2. This is a notable revision to the bank’s previous expectations, where it advised investors to look for $1600 by the six month mark. If you caught our mid-week bulletin last week, you’ll know that gold already surpassed that level, reaching $1,604.30 following a profit caution from Apple, which said that the tech firm was not on course to reach its Q1 earnings target as a result of coronavirus impacts on its supply chain and consumer demand.

Goldman Sachs analyst, Mikhail Sprogis issued a Wednesday briefing outlining the forecast, noting that the spread of the virus, coupled with the uncertainty created by the upcoming US presidential election and monetary policy globally all support a swift uptick in gold prices. He said, “In the event that the virus effect spreads to Q2, we could see gold top $1,800/oz already on a three-month basis. We see such a rally being driven by the continued search for yield, increased demand for portfolio diversification and higher political uncertainty … [Gold is being used as] a strategic allocation to protect a portfolio from geopolitical risks such as the current outbreak, de-dollarization and negative real yields.”

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