Gold Prices Drop 5.5%, But Goldman Sachs Sees 10% Upside Ahead

Gold prices dropped by 5.5% from their three-month high of $4,697 reached on August 25 to trade near $4,436 at press time.

The decline pushed gold under its 200-day moving average, according to Barchart, which noted that the metal has now recorded multiple closes below the line for the first time since early June.

Goldman Sachs still expects a price of $4,900 by year-end, implying roughly 10% upside from the current price.