RBC Global Mining Equities lifted its gold price forecast for coming years

Strategists at RBC Global Mining Equities have increased their projections for gold prices, expecting a more active growth in the cost of the yellow metal in the coming years. Experts now expect the average gold price to reach $2,844 per ounce in 2025. This is slightly higher than the previous estimate of $2,823.

For the next year, the estimate was raised more significantly to 3,111 dollars per ounce (+8% compared to the previous forecast).

The updated estimates are based on the results of machine learning modeling using data from previous years and minor changes in its coefficients, assuming relatively tight monetary policy in the US and no recession.

The long-term average gold price forecast of $2,200 per ounce remained unchanged. However, the medium-term gold price forecast for the period 2027-2029 was adjusted upward by about 9%.

As the experts of the organization added, there still is a possibility of additional price growth despite trade tensions being already priced in.