Goldman Sachs has doubled down on its optimistic forecast for gold, maintaining a structural bullish view on the precious metal.
The investment bank predicts gold will reach $3,700 per ounce by the end of 2025 in its base case scenario, with further growth to $4,000 by mid-2026.
Goldman’s analysis indicates that a recession could accelerate ETF inflows and drive prices even higher to $3,880.
More dramatically, extreme risk events such as challenges to Federal Reserve independence or shifts in U.S. reserve policy could potentially catapult gold prices to $4,500 by year-end 2025.