Goldman Sachs Reaffirms Bullish Stance on Gold Amid Rising Tariffs
* Gold futures hit record highs on Friday.
* Goldman Sachs analysts see potential US tariffs against Mexico and Canada as a bullish factor for gold.
* Elevated uncertainty surrounding US policy supports gold's role as a portfolio diversifier.
* Tariff escalations and US debt concerns pose tail risks that could push gold prices higher.
* Bullion futures surpassed $2,860 per ounce on Friday, extending gains for the fifth consecutive week.
* President Trump plans to impose initial tariffs on Mexico, Canada, and China on February 1st.
* Tariff escalations would further boost investor demand for gold.
* Despite the Federal Reserve holding rates steady, gold has gained over 6% year-to-date and 27% over the past 12 months.
* Foreign central bank buying and inflows into gold ETFs support long-term gold demand.
* Goldman Sachs reiterates its $3,000 per troy ounce price forecast for Q2 2026.