Goldman Sachs has upgraded its forecast for gold prices to $3,100 per ounce by the end of 2025, raising expectations from the previous $2,890.

Factors Influencing This Projection

Increased Central Bank Demand: Goldman now expects central banks to purchase 50 tonnes of gold monthly, rising from a previous estimate of 41 tonnes.
China’s Buying Trends: China has been significant in gold purchases, contributing 45 tonnes to reserves in December 2024.
Impact of Fed Rate Cuts and ETF Investments: Anticipated interest rate cuts could enhance gold ETF inflows and drive demand higher.
Geopolitical Risks: Ongoing trade tensions could push gold prices to $3,300 per ounce under high-demand conditions.

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Gold Price Expectations for 2025

Base Case: $3,100/oz
Bullish Case: $3,300/oz (increased central bank demand)
Lower Case: $3,060/oz (if demand stabilizes)

Goldman Sachs continues to foresee upward price pressures for gold in 2025 as global uncertainty emphasizes gold’s status as a safe-haven asset.