Why Goldman’s $3100 target is Low.

More Upside Surprise Risks in Store

Why Goldman’s $3100 target is low.

Goldman Sachs raised its gold price forecast for the end of 2025 to $3,100 per ounce, up from its previous estimate of $2,890. The adjustment reflects the bank’s expectation of sustained central bank physical demand driving the market higher.

While base case expectations are for $3,100/oz, the bank highlights further upside potential, including policy uncertainty and fiscal sustainability concerns, which could push gold to $3,300/oz or higher by year-end.

Before we drill down on this report, some context is in order, namely a bigger picture overview of the London Gold drainage situation, a signpost of why we feel Goldman’s target is low.