Disagreements between Donald Trump and the Federal Reserve have increased turbulence in the stock and debt markets, but gold has only benefited from this, reaffirming its status as a defensive asset, Goldman Sachs analysts said. Last week, the price of gold exceeded $3,600 per ounce for the first time, setting a new historical high. Since the beginning of the year, the metal has risen in price by 36%, three times the return of the S&P 500 index over the same period. Experts believe that the rally is not over yet: quotes may rise by about 40% and reach the level of $5,000 per ounce. According to the bank, the key factor will be Trump's pressure on the Fed, which can undermine confidence in the American financial system. Goldman's scenario assumes that a possible intervention in monetary policy will cause an outflow of capital from the US Treasury bond market. If at least 1% of this market is redistributed into gold, the price of the metal, according to the bank's estimates, will reach $5,000 per ounce.
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