July silver SIN20, 2.15% also ended higher, up 34 cents, or 1.9%, at $17.847 an ounce, with prices posting a weekly rise of roughly 2.1%.
Peter Spina, president and chief executive officer at GoldSeek.com, referred to the forecast as a “strong promotion from Goldman Sachs,” following sideways trading for gold in the last couple of months.
The metal is “looking to make a resolution to this consolidation soon,” priming for its next run higher and $1,900 to $2,000 becomes the next upside target,” Spina told MarketWatch. “The global central banks all have tool boxes of monetary debasement which is making gold increasingly more and more interesting as a low-risk store of value. Gold is returning to its historical role of preserving wealth.”