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Gold may face a slight pullback in the short term if the Fed chooses to cut interest rates by 25 basis points this week, according to Goldman Sachs. However, it is expected to reach new record highs shortly after as funds flow into gold ETFs.
Gold ETFs are expected to attract Western funds as a result of the Federal Reserve's interest rate cut, a factor that has been largely absent during the past two years of gold's significant gains, according to Goldman Sachs analysts Lina Thomas and Daan Struyven. They reiterated Goldman Sachs' forecast that gold prices will rise to $2,700 per ounce in early next year. Goldman Sachs economists expect the Federal Reserve to cut interest rates by 25 basis points on Wednesday. In this basic forecast scenario, gold prices may experience some tactical pullback, but it is expected that as the Federal Reserve enters a loose cycle, gold ETFs will gradually attract funds, thereby driving up gold prices.