Despite the recent price pullback, Goldman Sachs has raised its gold price forecast to $3,100 per troy ounce by the end of 2025, representing an 8% increase from current levels.
This bullish outlook is driven primarily by strong central bank demand, as countries have been increasing their gold reserves since Russian assets were frozen in 2022.
Additional support will come from growing interest in gold ETFs as interest rates decline, though a potential reduction in speculative positions may partially offset these gains.
Under a scenario of continued global uncertainty, prices could climb even higher to $3,300.