"Gold is hitting record prices this week, reaching above $3,500 per ounce for the first time on Tuesday and then hitting another milestone on Wednesday: $3,593.20 per ounce. Goldman Sachs predicted this week in a research note that gold prices could increase above $4,000 per ounce by mid-2026. "Gold remains our highest-conviction long recommendation," Goldman Sachs stated in the note. In April, JPMorgan also predicted that gold prices would rise above $4,000 per ounce by the second quarter of next year."
"Wholesale retailer Costco, which sells up to $200 million worth of gold bars per month, began selling the commodity in 2023 when gold was at an average closing price of $1,943, per Macro Trends. Costco gold bar. Photographer: Clark Hodgin/Bloomberg via Getty Images According to CNBC, in September 2024, a one-ounce Costco gold bar cost $2,679. If a Costco shopper held onto their purchase this year, the same bar would be worth $3,549 this month, a gain of $870."
""The probability of an economic slowdown has greatly increased, and people naturally look for a safe haven asset," Duke Business School Professor Campbell Harvey told the outlet. Gold has gained more value than alternative investments, like purchasing company shares on the stock market, according to the outlet. Gold prices have risen by more than 42% this year, greater than a 9% gain in the S&P 500, a 6% rise in the Dow Jones Industrial Average, and a 10% spike in the Nasdaq over the same time"
Gold reached record highs above $3,500 per ounce this week, peaking at $3,593.20 per ounce. Major banks forecast further gains, with Goldman Sachs projecting prices could exceed $4,000 per ounce by mid-2026 and JPMorgan predicting a rise above $4,000 by the second quarter of next year. Retail demand has increased; Costco began selling gold bars in 2023 and one-ounce bars rose from $2,679 in September 2024 to $3,549 this month. Rising gold prices reflect elevated economic uncertainty, slow hiring, inflation above the Federal Reserve's 2% target, and investor demand for safe-haven assets. Gold has outperformed major stock indexes this year.
Read at Entrepreneur
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