CIBC analysts predict gold could reach $3,600 in second half of 2025

CIBC analysts believe that despite short-term stabilization, gold still has significant room to rally in the second half of 2025, supported by steady demand for safe-haven assets. The bank has revised its forecast upward, now expecting an average annual price of $3,339 per ounce, marking a 19% increase from its previous estimate.

CIBC’s technical analysis suggests that gold could rise to $3,700–$3,800 per ounce, with periodic consolidations at $3,000–$3,175 levels. 

In the second half of this year, the financial institution sees gold climbing to $3,600 per ounce and maintaining that price through next year. By 2027, analysts expect the precious metal to average around $3,000.

Among other key factors supporting gold, the bank points to macroeconomic uncertainty, trade conflicts, and slowing US GDP growth. Against this backdrop, CIBC expects the Federal Reserve to ease monetary policy. Adding further momentum to gold’s rally, central banks are now actively accumulating bullion as they move to diversify away from the dollar.