Goldman Sachs has doubled down on its bullish outlook for gold, saying prices will keep climbing from near record levels in a welcome boost to Australia’s mining companies, which will be among the key beneficiaries.

The broker has raised its long-term gold price forecast to $US2300 an ounce from 2029, up from the previous estimate of $US1950, which reflects its expectation that prices will be “sustained at elevated levels”, according to a report led by Goldman analyst Hugo Nicolaci.