Goldman Sachs has raised its year-end 2025 gold price forecast to USD 3,300 per ounce, up from a previous estimate of USD 3,100. The investment bank also widened its projected trading range to USD 3,250–3,520, citing continued strong demand from Asian central banks.
According to Goldman, large-scale gold purchases by these central banks are likely to persist for another three to six years as they work toward reaching their long-term reserve targets. This sustained buying is expected to be a key driver of upward pressure on prices.
The bank also noted that medium-term risks remain tilted to the upside. In more extreme, tail-risk scenarios, gold could even climb beyond USD 4,200 per ounce by the end of 2025.
