Analysts at the US-based financial services company are optimistic the metal will make the target after it cooled off following a rally in February. Gold had stood at $2,067 in August 2020, which is the equivalent of £1,655 today.
The surge would imply a possible gain of 32 percent.
However, Goldman Sachs also suggested the risk of recession made owning the bullion even more compelling.
According to the Telegraph, they said: “Our economists see a roughly 20 percent to 35 percent chance of a US recession occurring over the coming year.”
The metal peaked on March 8, with gold sitting at $2,049.30 (£1,641.12).
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March 8’s peak was a profound bounce back from January 7, when it stood at just $1,778.50 (£1,424.26).
However, Goldman Sachs also suggested consumer demand would help support the price of gold.
They said: “With stagflation [high inflation combined with stalling economic growth] moving from a potential risk to a reality, consumers globally are turning to gold in order to protect the real value of their wealth.”
But analysts at FXStreet have claimed gold prices are struggling to hold their recovery as the price hovers around the $1,900 (£1,521.80) mark.
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The dollar index enjoyed its highest level since December 2002 at 103.930 as both the euro and the yen struggled.
However, recent spot gold prices were also up.
They rose from a ten-week low as gold futures settled up 0.1 percent to $1,891.30 (£1,5134.67).
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