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Goldman Sachs has raised its 2025 gold price forecast to $3,100 per ounce, up from $2,890, driven by increased central bank demand and geopolitical uncertainty.
The precious metal has already set eight record highs this year, reaching $2,942.70 on February 11, with global demand hitting a record 4,974.5 metric tons in 2024.
Major banks, including Citi and Morgan Stanley, also maintain bullish outlooks for gold.
Goldman analysts note that if policy uncertainty remains elevated, particularly regarding trade tensions, gold could climb as high as $3,300 per ounce. This outlook is supported by robust global demand, which reached a record 4,974.5 metric tons in 2024.
