MUMBAI: Gold remains Goldman Sachs' "highest-conviction long commodity," with analysts citing strong private and institutional demand, rising equity traded fund (ETF) holdings, and central bank purchases as key drivers of the rally that has lifted the metal nearly 47 per cent to around USD 3,865 per ounce. At the time of filing this report, gold is trading around USD 3,937 per ounce on the international market.

In India, the yellow metals is trading at approximately Rs 1.21 lakh per 10 grams. According to the latest Precious Comment report from Goldman Sachs' Commodities Research, gold has broken out of its earlier range of USD 3,200-3,450 per ounce, rallying 14 per cent since August 26.

The investment bank attributes the surge mainly to three conviction buyers: rapidly rising Western e

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