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Gold Rate Forecast 2025: Goldman Sachs raised its year-end gold forecast to $3,700 per troy ounce, citing stronger-than-expected central bank demand and a deepening recession. The investment bank, which had last year-end forecast of $3,300, now expects central bank demand to average 80 tons per month, up from a previous estimate of 70 tons and a previous 2022 baseline of 17 tons per month.

The bank also saw a surge in gold ETF flows as a result of recession fears, with economists estimating a 45% chance of a U.S. recession in the next 12 months.

Spot gold has continued its rise since last year, setting multiple records and gaining more than 23% so far this year. Bullion topped $3,200 per ounce for the first time on Friday.

The bank’s analysis also suggests that in the medium term, their upgraded forecast losses will be skewed upwards. Goldman estimates that if the central bank buys an average of 100 tonnes per month, gold could reach $3,810/tj by the end of 2025. If there is a pullback towards ETFs, ETF flows could return to pre-epidemic levels, which could support prices towards $3,880/tj by year-end.

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But if economic growth outperforms expectations as policy uncertainty eases, ETF flows are likely to return to their rate-based expectations at year-end prices of $3,550/tj, Goldman said.

Below is a list of the latest gold price forecasts for 2025 and 2026 (in dollars per ounce)

Brokerage/Agent Annual Price Price Target Cy Estimate 2025 2026

- Goldman Sachs $3,295 $3,700 by year-end 2025
- Commerzbank $3,000
- HSBC $3,015 $2,915 $2,750 by 2027 and $2,350 long-term
- Deutsche Bank $3,139 $3,700 $3,350 by year-end
- Macquarie $2,951 $2,675 -
- UBS $3,500 - $3,000 by end-2025
- BofA $3,063 $3,350 -
- JPMorgan $2,863 $3,019 2025 $3,000 as of Q4
- Morgan Stanley $2,763 $2,450 -
- Citi Research $2,900 $2,800 0-3 month estimate $3,200 and 6-12 month estimate $3,000; by end-2025, $3,500.

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(With input from Reuters)