Goldman Sachs Upgrades Gold to Overweight Amid Economic Uncertainty

Goldman Sachs reported that U.S. August non-farm payrolls reached 162,000 with a 4.1% unemployment rate, fueling rate-cut expectations. Despite rising real yields on U.S. Treasuries, gold has strengthened, leading Goldman Sachs to upgrade it to overweight with a 12-month target of $5,275 per ounce. The firm maintains an overweight stance on U.S. and Japanese equities while rotating funds from tech stocks into energy, finance, and healthcare.