Goldman Sachs Sets 12-Month Gold Target to $1,650

Gold is on track to rise to $1,650 an ounce within 12 months, or about another 22 percent gain from last weeks levels, analysts at Goldman Sachs (GS) said in a note to clients Friday. This week’s rally moved “gold prices more in line with the low U.S. real interest rate environment,” the analysts said. Previously, Goldman was calling for a $1,365 p/oz price of gold ; a level that was easily surpassed mid October.

Gold for December delivery finished higher today by $14.60 to end the session at $1397.70 an ounce on the Comex division of the New York Mercantile Exchange.

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