Global investment bank Goldman Sachs has raised its gold price forecast for the third time this year.
On the 11th, Goldman Sachs stated in a report, “We are raising our year-end gold price target to $3,700 per ounce.”
This marks the third upward revision by Goldman Sachs this year. This latest adjustment follows two previous increases—from $3,000 in January to $3,100 in February, and then to $3,300 in late May. The new $3,700 target represents a 12% jump from last month’s projection.
The adjustment follows a swift rebound in gold prices after a broad market sell-off triggered by the U.S. announcement of reciprocal tariffs earlier this month, reinforcing investor confidence in gold as a safe-haven asset.
Goldman Sachs noted, “Gold initially fell 5% as it was sold off to cover losses in other asset classes, but it quickly recovered its decline. This resilience supports gold’s medium- to long-term strength.”
The bank added, “While investors unwound speculative gold positions amid the broader market sell-off, ETF holdings continued to rise. We’ve also observed increased physical gold demand, particularly in Eastern European markets.”
Recently, gold prices hit a record high of $3,245 per ounce, surging more than 24% this year alone. Analysts attribute the growing preference for gold to market uncertainties, including the potential for Federal Reserve rate cuts and U.S. President Donald Trump’s tariff policies.
Swiss investment bank UBS also recently raised its year-end gold price forecast from $3,200 to $3,500 per ounce. UBS emphasized, “Amid intertwined risks—trade conflicts, slowing economic growth, rising inflation, and geopolitical tensions—expanding gold allocations is a compelling strategy.”
