Goldman Sachs Raised its Gold Price Forecast

Investment bank Goldman Sachs has raised its forecast for gold prices, predicting that the precious metal could reach $3,700 per ounce by the end of 2025. The bank’s previous forecast stood at $3,300. The newly projected price range is between $3,650 and $3,950 per ounce.

Goldman Sachs explained the upward revision by citing stronger demand from central banks and increased investments in gold-backed Exchange-Traded Funds (ETFs) amid fears of a potential recession.

«If a recession begins, investments in gold ETFs could surge even further, pushing the price up to $3,880 per ounce,» the bank’s report stated.

However, if economic growth remains steady and political conditions stabilize, ETF demand could weaken, leading gold prices to drop to around $3,550.

Goldman Sachs raised its forecast for central bank gold purchases — from 70 tons to 80 tons per month.

Kursiv Uzbekistan also reports that gold prices in Uzbekistan had soared to a record high of 6.9 mln Uzbek soums.