Goldman Sachs raises end-2025 gold price forecast

Gold bars

Goldman Sachs raised its end-2025 gold price forecast, citing stronger-than-expected demand from central banks and higher exchange-traded fund (ETF) inflows due to recession risks.

In a note published Friday, the bank upwardly revised its forecast to $3,700 per ounce from $3,300, with a projected range of $3,650-$3,950.

If a recession occurs, ETF inflows could accelerate further and lift gold prices to $3,800 per troy ounce (toz) by year-end.

However, if growth surprised to the upside on reduced policy uncertainty, ETF inflows would revert to the bank's rates-based predictions, with year-end prices closer to $3,550/toz.