Goldman Sachs predicts that gold could soar to $4,000 per ounce, surpassing Bitcoin and silver as a safe-haven asset.
Central banks are driving the demand for gold by increasing their purchases due to concerns about the reliability of traditional reserve currencies.
Gold is favored over Bitcoin due to its stability, low correlation with equities, and suitability for risk-averse investors, according to Goldman Sachs.
Gold remains a small part of global financial markets, allowing minor shifts in portfolio allocations to significantly impact gold prices as it gains renewed trust as a safe asset.