Goldman Sachs report: Gold will have near-term upside

Those who purchase precious metals might be interested to know that major financial services firm Goldman Sachs Group Inc. recently released a report predicting that gold will enjoy some upside in the near future.

According to two analysts working for the major financial services firm, Jeffrey Currie and Damien Courvalin, the commodity could enjoy further appreciation in 2013, Business Insider reported.

This new forecast was triggered by the recent announcement made by the Federal Reserve that it does not plan to reduce the pace of quantitative easing at this time, the media outlet reported.

The central bank has been purchasing $85 billion worth of debt-based assets every month since last year, and as a result, its balance sheet has risen above $3 trillion. This robust stimulus has been credited by many market experts as pushing up the value of many different assets including gold.

Market participants were shocked when the Fed did not announce any plans to taper QE at the conclusion of its latest policy meeting that ended on September 18. As a result, those who purchase precious metals might benefit from additional tailwinds that the sustained stimulus is providing to gold in the short term.

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