Goldman Re-Raises to $3,700 with Views of $4,500
The Bank has upgraded its 2025 year-end gold forecast reflecting what it sees as a structural realignment of demand across three axes
Summary
Goldman Sachs has upgraded its 2025 year-end gold forecast from $3,300 to $3,700 per troy ounce, reflecting what it sees as a structural realignment of demand across three axes:
central bank accumulation,
ETF inflows linked to rising recession probability,
and investor positioning driven by macro volatility.
The Bank’s re-raise results in a material upward revision with surprises for several of those factors assessed in isolation as well as one low probability but plausible tail risk scenario that combines all three in a perfect storm1
