Gold and Silver Pull Back — Smart Money Buys When Others Wait 
Goldman Sachs has raised its gold price forecast to $3,700 per troy ounce by the end of 2025, driven by sustained central bank purchases and increased investor interest.
The bank notes that central banks are buying significant quantities of gold monthly, while ETF investors are also increasing their holdings amid expectations of interest rate cuts and recession concerns.
In a potential recession scenario, Goldman Sachs projects gold prices could reach as high as $3,880 per ounce.
Additionally, a shift by private investors from U.S. assets to gold could further elevate prices, given the relatively small size of the gold market compared to U.S. Treasuries and equities
