Why Goldman Sachs raised its gold price forecast 10%

Private investors are competing with central banks for gold.

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• Goldman hikes its gold forecast 10%, targeting $5,400 an ounce by year-end.
• Private investors are piling into gold, from ETFs to physical bars and options.
• Central banks and private buyers are now competing for limited bullion.

Goldman Sachs has hiked its gold price forecast by 10% on the back of blistering private-sector demand for the precious metal.

Analysts at...