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Gold climbs on investment demand as Goldman increases forecasts

from Bloomberg via Chicago Tribune

Gold climbed as assets in bullion-backed funds rose to the highest since December 2013 and Goldman Sachs raised its price forecasts. Holdings in gold-backed exchange-traded funds rose 0.2 percent to 1,806.7 metric tons on Tuesday, the highest in more than two years and the 11th straight gain. While remaining bearish on the metal's prospects, Goldman increased its forecasts for bullion prices, scaling back its expectations of Federal Reserve interest rate increases over the next year. Higher rates reduce the appeal of gold, which doesn't pay interest or offer returns, unlike assets such as bonds or equities. more

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