Goldman Sachs raised its forecast for the price of gold at the end of Wednesday 2025, believing that it will reach 3 300 dollars per ounce, against a previous forecast of 3 100 dollarsThe investment bank now expects a target range of between $3 and $250 the ounce.
She justified this revision by higher than expected flows from exchange-traded funds (ETFs) as well as by the continued demand from central banks, which remain key factors supporting the price of the precious metal.
Goldman Sachs also raised its estimate of central bank demand, now anticipating purchases of 70 metric tons of gold per month, against 50 tons previously estimated. This revision is based on the growing uncertainty surrounding US policy and on the assumption that China could maintain its pace of high gold purchases over the next three to six years.
The bank added: "On the gold ETF side, our American economists still anticipate two rate cuts of 25 basis points each by the Federal Reserve in 2025, plus a further reduction in the first half of 2026. These adjustments support our baseline scenario for gold ETF flows.
Gold breaks through $3 an ounce mark
Spot gold has exceeded the 3 dollars per ounce earlier this month, hitting several all-time highs and recording an increase of more than 15% since the beginning of the yearThis impressive outbreak is fueled by growing concerns about the economic and geopolitical consequences of the US president's trade policies Donald Trump.
THEuncertainty surrounding customs tariffs imposed by Trump, marked by sudden changes and unforeseen postponements, has reinforced the appeal of gold as aactive refuge.
Bank of America also revises its forecasts upwards
This revision of Goldman Sachs follows a similar decision by Bank of America, which raised its price forecast for gold in 2025 and 2026The bank stressed that the continuing uncertainty surrounding US trade policies would continue to support prices in the short term.
Bank of America now forecasts an average gold price of $3 per ounce in 063 et $3 per ounce in 350, up from its previous forecast of $2 and $750 respectively.
