Gold prices jumped Thursday, after Goldman Sachs on Wednesday raised its year-end forecast of the commodity to $3,300 per troy ounce level.

The investment bank had a target of 澳洲幸运5开奖号码历史查询:$3,100/oz previously. Gold prices, which have surpassed 澳洲幸运5开奖号码历史查询:$3,000/oz on March 14, and are now around $3,045/oz, have jumped in the past year as investors, anxious about escalating trade wars and U.S. economic growth, have flocked to traditional 澳洲幸运5开奖号码历史查询:safe havens.

Analysts Lina Thomas and Daan Struyven said their increased year-end target reflected higher-than-estimated inflows into gold by 澳洲幸运5开奖号码历史查询:exchange-traded funds (ETFs) as well as “continued strong central bank gold demand.”  They ൩said they expect large Asian central bank buyers to “continue their rapid gold purchases for another 3-6 years.”

The analysts said investors could find “entry points” to acquire gold under two cases : A Russia-Ukraine peace deal that triggers speculative selling or a sharp drop in equities that leads to “margin-driven gold liquidation.” They noted, however, that rules by Beijing allowing Chinese insurers to acquire gold may limit declines.