The financial institution additionally raised its assumptions for central financial institution demand, now projecting purchases of 70 metric tons monthly, up from a earlier estimate of fifty tons.
The adjustment was pushed by heightened uncertainty surrounding U.S. coverage and expectations that China could proceed its fast tempo of gold shopping for for the following three to 6 years, the financial institution stated. “On the gold ETF aspect, our U.S. economists proceed to anticipate two 25bp (foundation factors) Fed cuts in 2025 and one extra minimize in H1 (first half of) 2026, which underpins our baseline for ETF inflows,” Goldman Sachs added.
Spot gold broke via the important thing $3,000 per ounce mark earlier this month, reaching a number of document highs and surging greater than 15% to date this yr. The spectacular rally has been fueled by rising issues over the financial and geopolitical penalties of U.S. President Donald Trump’s commerce insurance policies. The uncertainty surrounding his tariff actions, marked by sudden adjustments and delays, has added to the attraction of gold as a safe-haven investment.
Goldman Sachs’ revised forecast follows Financial institution of America’s (BofA) transfer to boost its gold value projections for 2025 and 2026, citing ongoing uncertainty from U.S. commerce insurance policies that proceed to help costs within the close to time period.
BofA now expects gold to common $3,063 per ounce in 2025 and $3,350 per ounce in 2026, up from its earlier forecasts of $2,750 and $2,625, respectively. The next is a listing of the most recent brokerage forecasts for 2025 and 2026 costs for gold (in $ per ounce): Brokerage/Agen Annual Value Value Targets cy Forecasts 2025 2026 HSBC 2,687 2,615 2,620 by end-2025 Deutsche Financial institution 2,725 2,900 ANZ * $2,763 $2,795 $2,900 by end-2025 Macquarie $2,951 $2,675 – Goldman Sachs $3,300 – – UBS – – $3,000 by end-2025 BofA $3,063 $3,350 – JP Morgan $2,863 $3,019 $3,000 by This autumn 2025 Morgan Stanley $2,763 $2,450 – Citi Analysis $2,900 $2,800 0-3 month forecast at $3,200/oz and 6-12 month forecast is $3,000/oz, $3,500 by end-2025 *end-of-period forecasts (Reporting by Sherin Elizabeth Varghese in Bengaluru; Modifying by Jamie Freed)
