Goldman Sachs Research forecasts gold prices will continue to rise, reaching $3,100 per troy ounce by the end of 2025, driven by increased central bank demand and gold ETF purchases. Speculative trading may counterbalance this trend, but persistent policy uncertainty could push prices even higher.

US stocks have underperformed global peers in early 2025, breaking a long-standing trend. Chinese and European equities have gained 14% and 8%, respectively, while US stocks lag. Market conditions are shifting, favoring diversification and stock picking over concentration in US tech stocks.

Jared Cohen, President of Global Affairs at Goldman Sachs, highlights the vulnerability of AI infrastructure due to its reliance on undersea data cables, which geopolitical tensions could threaten.

The S&P 500 is presenting strong opportunities for stock pickers, with individual stock performance increasingly driven by company fundamentals rather than macroeconomic trends. This environment is expected to persist due to AI-driven differentiation and policy uncertainty.

A briefings brainteaser asks which sector performed best during the 2018-2019 US trade conflict, with multiple choices provided.

Goldman Sachs analysts continue to monitor global market trends, including AI trade shifts and European economic developments.