Silver Rises Over 120% YTD 
Macquarie Group analysts, led by Marcus Garvey, forecast gold could surge to an unprecedented $3,500 per ounce during the third quarter, with an average price of $3,150. Currently trading around $2,940, gold has already gained 12% this year, driven by geopolitical uncertainties and concerns about President Trump’s tariff policies. The analysts attribute gold’s strength to investors and institutions increasingly valuing its lack of credit or counterparty risk.
The precious metal is expected to find additional support from a worsening U.S. budget outlook that signals potential inflation increases, making gold more attractive as a hedge. Despite elevated prices, the physical market for gold (jewelry, bars, coins, and technology) remains robust, and there is “ample scope” for bullion-backed ETFs to increase holdings. This bullish outlook is echoed by other major institutions, with Goldman Sachs recently raising its year-end target to $3,100 and Citigroup projecting $3,000 within three months.
