Bank of America says: Gold at $3,500/oz: We believe gold could rally to $3,500/oz if investment demand increases by 10%, so we make this our new price forecast.
Goldman Sachs says: We raise our end-2025 forecast to $3,300/toz (vs. $3,100) and our forecast range to $3,250-3,520, In extreme tail scenarios gold could plausibly trade above $4,200/toz by end-2025 and exceed $4,500/toz within the next 12 months.
BOA and GS Price Target Scenarios
We Say: Gold is now unshackled. Once a proxy for the dollar and interest rates, the metal is free to find a price that reflects actual global demand. Our own Price targets were revealed March 14th where we offered $3600 to 4385 as price targets
What was once viewed as a sleepy, correlated asset is now being subjected to fundamental analysis. Analysts are translating measurable demand into constrained supply and developing legitimate price projections. While some of their sentiment might appear euphoric in the short term, it’s not fantasy—it’s based on tangible demand that has emerged and been unlocked.
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Today around noon: Full Bank of America analysis.
Friday: A walk=through of the Bank of America report, with added insights and context.
This weekend: A deep dive into Goldman’s updated report and their 10-question valuation framework.
Stocks ended down, while the dollar strengthened as traders awaited auto tariffs to be announced by President Donald Trump. Treasury yields, meanwhile, inched higher as investors weighed potential exemptions to those tariffs. Oil prices jumped on reports of a dip in U.S. crude oil inventories. Gold eased but remained above the $3,000 per ounce level.
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