Gold prices surged to a historic high on Thursday, driven by investors flocking to the precious metal amidst rising global trade tensions and falling stock markets. This rush towards gold followed U.S. President Donald Trump’s declaration of new auto tariffs.
The price of spot gold rose by 1.1% to $3,052.24 per ounce, while peaking at an unprecedented $3,059.30. Gold has already broken 17 records so far this year.
Earlier, Goldman Sachs revised its previous forecast range, now projecting gold prices between $3,250 and $3,520, up from the earlier $3,100 to $3,300, as outlined in their research note. The investment bank anticipates significant gold acquisitions by major Asian central banks over the next three to six years, aiming to meet their projected gold reserve goals.
Amidst increased policy uncertainties in the U.S. and expectations of continued robust gold purchases by China for another three to six years, Goldman Sachs hiked its estimated monthly gold demand by central banks to 70 tonnes from the previous 50 tonnes.
Gold Price Forecasts for 2025 & 2026
๐น HSBC โ 2025: $2,687 | 2026: $2,615 | End-2025: $2,620
๐น Deutsche Bank โ 2025: $2,725 | 2026: $2,900
๐น ANZ โ 2025: $2,763 | 2026: $2,795 | End-2025: $2,900
๐น Macquarie โ 2025: $2,951 | 2026: $2,675
๐น UBS โ End-2025: $3,000
๐น BofA โ 2025: $3,063 | 2026: $3,350
๐น JP Morgan โ 2025: $2,863 | 2026: $3,019 | Q4 2025: $3,000
๐น Morgan Stanley โ 2025: $2,763 | 2026: $2,450
๐น Citi Research โ 2025: $2,900 | 2026: $2,800 | 0-3M: $3,200 | 6-12M: $3,000 | End-2025: $3,500
