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The price of gold could jump 9% to $1,600 per ounce by the end of March, according to Goldman Sachs.

Goldman analysts highlighted political uncertainty, recession fears, emerging-market growth, central banks’ gold buying, greater discussion of Modern Monetary Theory, and other factors underpinning a higher gold price.

“We still see upside in gold as late cycle concerns and heightened political uncertainty will likely support investment demand for gold as a defensive asset.”

Goldman’s lists 10 key reasons to expect a higher gold price…