Goldman sachs raised its outlook for gold amid downward pressure on the economy.

On Thursday, Goldman sachs revised its forecast for gold prices over the next three, six and 12 months to $1,325, $1,375 and $1,425.

Goldman had forecast year-end gold at $1,350.The latest forecasts mean Goldman sees gold having more than 10% upside over the next 12 months.$1,425 would be a five-year high for gold.