Goldman Sachs Raises Gold Forecast to $3,700 Amid Economic Turmoil
Goldman Sachs has once again raised its year-end gold price forecast, now targeting $3,700 per ounce, citing growing economic uncertainty and rising global demand for safe-haven assets. This marks the investment bank’s third—and most aggressive—upgrade in 2025, following earlier projections of $3,100 in February and $3,300 in March. The 12% hike comes after gold rebounded sharply from the early April market selloff sparked by new global tariffs.
Despite a brief dip of 5% earlier this month, gold has since surged to a record high of $3,245 per ounce, now up over 24% this year—making it one of 2025’s top-performing assets. Goldman analysts attribute the rally to continued demand from central banks, strong physical buying from Eastern markets, and increasing ETF inflows driven by recession fears.
UBS also lifted its gold outlook, now expecting $3,500 per ounce by year’s end. Analysts from both banks agree that escalating tariffs, slowing global growth, sticky inflation, and heightened geopolitical risks have significantly strengthened gold’s appeal as a defensive investment. With volatility rising across markets, gold is once again emerging as a key financial safe harbor.
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