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Goldman Sachs raises gold price forecast to $3,300 for 2025
Goldman Sachs increased its year-end 2025 gold price target from $3,100 to $3,300 per ounce on Wednesday, citing persistent central bank demand and stronger-than-anticipated ETF inflows as key drivers.
The Firm's analysts project sustained gold purchasing by major Asian central banks over the next 3–6 years as institutions work to meet long-term reserve targets.
Additionally, Goldman Sachs has upwardly revised its forecast for central bank gold demand, raising it to 70 tons from 50 tons. This adjustment comes amid ongoing uncertainty surrounding US trade policy.
The bank’s economists anticipate two 25-basis-point Fed rate cuts in 2025, followed by an additional reduction in 2026. This outlook supports their base case for renewed inflows into gold ETFs.
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