Goldman Sachs has raised its year-end 2025 gold price forecast to $3,700 an ounce, citing stronger demand from central banks and rising interest from investors seeking safe-haven assets amid recession concerns.
In a note, the bank predicted prices could range between $3,650 and $3,950, and said a downturn could push prices as high as $3,880.
However, if economic growth surprises on the upside and policy uncertainty eases, Goldman expects gold prices to end the year closer to $3,550.
The forecast also reflects a revised assumption that central banks will purchase around 80 metric tons of gold per month, up from 70 tons.
In early trading, the yellow metal was off its session high but still near record territory at $$3,234.63, up $884, as markets weighed the impact of US tariffs.