Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce, up from $3,100, with a target range of $3,250 to $3,520 per ounce. The investment bank cited stronger-than-expected exchange-traded fund inflows and sustained central bank demand as key factors behind the revised outlook.
The bank also raised its assumptions for central bank demand, now projecting purchases of 70 metric tons per month, up from a previous estimate of 50 tons.
The adjustment was driven by heightened uncertainty surrounding U.S. policy and expectations that China may continue its rapid pace of gold buying for the next three to six years, the bank said. “On the gold ETF side, our U.S. economists continue to expect two 25bp (basis points) Fed cuts in 2025 and one additional cut in H1 (first half of) 2026, which underpins our baseline for ETF inflows,” Goldman Sachs added.
Spot gold broke through the key $3,000 per ounce mark earlier this month, reaching multiple record highs and surging more than 15% so far this year. The impressive rally has been fueled by growing concerns over the economic and geopolitical consequences of U.S. President Donald Trump’s trade policies. The uncertainty surrounding his tariff actions, marked by sudden changes and delays, has added to the appeal of gold as a safe-haven investment.
Goldman Sachs’ revised forecast follows Bank of America’s (BofA) move to raise its gold price projections for 2025 and 2026, citing ongoing uncertainty from U.S. trade policies that continue to support prices in the near term.
BofA now expects gold to average $3,063 per ounce in 2025 and $3,350 per ounce in 2026, up from its previous forecasts of $2,750 and $2,625, respectively.
The following is a list of the latest brokerage forecasts for 2025 and 2026 prices for gold (in $ per ounce): Brokerage/Agen Annual Price Price Targets cy Forecasts 2025 2026 HSBC 2,687 2,615 2,620 by end-2025 Deutsche Bank 2,725 2,900 ANZ * $2,763 $2,795 $2,900 by end-2025 Macquarie $2,951 $2,675 – Goldman Sachs $3,300 – – UBS – – $3,000 by end-2025 BofA $3,063 $3,350 – JP Morgan $2,863 $3,019 $3,000 by Q4 2025 Morgan Stanley $2,763 $2,450 – Citi Research $2,900 $2,800 0-3 month forecast at $3,200/oz and 6-12 month forecast is $3,000/oz, $3,500 by end-2025 *end-of-period forecasts
