Goldman Sachs Monday raised its gold price forecast to $2,900 per ounce from $2,700 per ounce for early 2025, citing faster declines in short-term interest rates in the West and China, and strong central bank purchases.

"We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold's hedging benefits against geopolitical, financial, and recessionary risks," the bank said.