Gold Declines 5.5% From Three-Month Peak, Yet Goldman Sachs Maintains Bullish Outlook

Gold has retreated 5.5% from its three-month high of 4,697 recorded on August 25, currently trading near 4,436. This decline has pushed the asset below its 200-day moving average, marking the first time it has closed below this level multiple times since early June. Despite the downward trend, Goldman Sachs projects the price will reach 4,900 by the end of the year, representing a 10% upside from current levels.