Metals Focus expects gold prices to remain above $3,300 through 2025

Gold prices stabilized around $3,300 per ounce mid-year, even as the US temporarily suspended import tariffs and trade policy tensions showed modest easing. According to analysts at Metals Focus, investors continue to view the precious metal as a safe-haven asset, supported by concerns over rising US government debt and ongoing global economic uncertainty.

Experts warn that elevated tariffs continue to put pressure on consumer prices, with their full impact potentially taking months to materialize. This increases the risk of economic stagnation, making gold an attractive safe-haven asset. Meanwhile, the growing US national debt, now exceeding $37 trillion, adds instability to financial markets and weakens confidence in the dollar as a reserve currency.

In June, speculative long positions in gold declined. However, as Metals Focus points out, interest from funds investing in gold via exchange-traded products (ETPs) rose again. Holdings in these products reached a record high, surpassing $383 billion by the end of June.