Goldman Sachs expects gold prices to reach $3,150 per ounce (in a bull-case scenario) by December 2025, an upside of around 19 percent from the current levels, as the metal remains a good hedge against sticky inflation and rising geopolitical issues.
A large part of this price rise, they believe, will also be fueled by higher demand from global central banks coupled with concerns over US fiscal sustainability and trade tensions/wars.
"We keep our $3,000 December 2025 forecast. The structural driver of our bullish gold forecast is higher demand from central banks (adding 9 percent to the gold price by December 2025 relative to our November $2,640 forecast),"" wrote analysts at Goldman Sachs led by Daan Struyven, their head of commodities research in a recent note.
Rising fears of inflation and fiscal risks, Goldman Sachs said, could drive speculative positioning and exchange traded flows (ETF) higher, while US debt sustainability concerns may push central banks, especially those holding large US Treasury reserves, to buy more gold.
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