During a recent Bloomberg TV appearance, Morgan Stanley’s Metals and Mining Commodities Strategist Amy Gower says that gold prices could climb to $3,400 per ounce in 2025.
Gower identified two primary catalysts behind gold’s strong performance. The first factor is sustained physical demand, which began shifting notably in 2022 when central banks worldwide substantially increased their gold purchases as part of their reserve diversification strategies.
The second and more recent driver is the marked uptick in investor demand for gold, which has accelerated price movements. This combination of institutional buying from central banks and growing investor interest suggests continued strong momentum for gold prices through 2025, according to Morgan Stanley’s analysis.