Silver Hits $42/oz — 45% YTD Gains —
Q3 Update: Gold has already rewritten the script for 2025 — rising from $2,624 on January 2 to over $3,500 through the first week of September (+33.4% YTD). With central banks still buying, tariffs roiling trade, and the dollar softening, Wall Street keeps ratcheting forecasts higher.
ANZ now sees $3,800 by year-end; Goldman is at $3,700 into December with $4,000 by mid-2026; and UBS just lifted its 2026 targets again. Below is the latest scorecard so you can compare bank by bank—and decide how much ‘insurance’ you want before the next headline hits.
Updated Price Targets from Major Institutions Q3 2025
| Analyst/Firm | Gold Price Target | Time Frame |
|---|---|---|
| Wells Fargo | $2,900 | 2025 |
| Commonwealth Bank | $3,000 | 2025 |
| Alan Hibbard | $3,150 – $3,675 | 2025 |
| VanEck | $3,250 | 2025 |
| Citigroup | $3,300 | 2025 |
| Robert Kiyosaki | $3,300 | August 2025 |
| Macquarie | $3,500 | 2025 |
| UBS | $3,500 | 2025 |
| ANZ Bank | $3,800 | 2025 |
| Morgan Stanley | $3,800 | 2025 |
| Deutsche Bank | $3,700 | 2026 |
| Jeffrey Gundlach | $4,000 | 2025 |
| Yardeni Research | $4,000 | 2025 |
| Bank of America | $4,000 | 2026 |
| JP Morgan | $4,000 | Q2 2026 |
| State Street Global Advisors | $4,000 | 2026 |
| Peter Schiff | $5,000 | 2025 |
| Goldman Sachs | $5,000 | 2026 |
| Ronald Stoeferle (Incrementum AG) | $4,821 | 2030 |
| JP Morgan | $6,000 | 2029 |
Alan Hibbard’s Analysis
GoldSilver’s Lead Analyst Alan Hibbard offers measured perspective on gold’s trajectory:
“While I’m generally cautious about specific price predictions, I expect gold to deliver at least 20% returns in 2025, reaching approximately $3,150. However, I could envision returns doubling to 40%, which would push gold to around $3,675, as outlined in our decision guide on investing in gold and silver. Returns outside this 20-40% range would surprise me, though market dynamics can always deliver the unexpected.”
Critical Factors Shaping Gold’s 2025 Performance
Monetary Policy Dynamics
The global monetary landscape remains gold’s primary driver. With widespread expectations for continued rate cuts throughout 2025, central banks are creating an increasingly favorable environment for gold. Their sustained purchasing programs—now a multi-year trend—provide additional structural support for prices.
Geopolitical Pressures
Escalating global tensions and shifting trade relationships continue fueling safe-haven demand. Political transitions across major economies in 2025 add another layer of uncertainty that traditionally benefits gold prices.
Market Fundamentals
The complex interplay between interest rates, currency movements, and inflation expectations will determine gold’s trajectory:
- Interest Rates: Lower rates reduce gold’s opportunity cost, making it more attractive versus yield-bearing assets
- Dollar Dynamics: The weakening dollar trend traditionally correlates with stronger gold prices
- Inflation Hedging: While inflation has moderated, any resurgence could reignite demand for gold’s protective qualities
Looking Ahead
Gold’s exceptional performance has established a powerful foundation for potential further gains. While institutional forecasts now cluster around the $3,000-$3,700 range, the metal’s ultimate path depends on how global economic and political events unfold.
Last year demonstrated gold’s ability to exceed even the most optimistic projections. Success in navigating the remainder of 2025 requires monitoring:
- Central bank policy shifts and rate-cutting cycles
- Evolving geopolitical alignments and tensions
- Currency market volatility
- Inflation trajectory and expectations
- Institutional and retail demand patterns
Tracking Our Predictions
We’ll continue monitoring these forecasts throughout 2025, providing quarterly updates to assess accuracy and analyze key market developments. As gold continues its historic run, maintaining portfolio flexibility while understanding both the opportunities and risks remains crucial for investors.
