(Reuters) -ANZ raised its year-end gold price forecast to $3,600 per ounce and its six-month forecast to $3,500 from $3,200 earlier, the bank said in a note on Wednesday.

"Increasing risks of a deeper recession, another turn in the geopolitical landscape, disruptions in global supply chains, fears of rising inflation along with a changing rate outlook suggest that gold will remain on strong footing in the foreseeable future," ANZ noted.

However, "a de-escalation in the U.S.-China tariff war, a quicker resolution of trade concerns with U.S. trading partners could soften downside risks to the U.S. growth outlook and weigh on gold prices."

Analysts at the bank also added that if the Federal Reserve keeps rates unchanged against current market expectations of three to four rate cuts, that will be another headwind for the gold price.

Meanwhile, spot gold gained more than 2% to breach the $3,300 per ounce mark for the first time in its history and hit another record high on Wednesday as trade war uncertainties and tariff concerns fuelled demand for the safe-haven asset. [GOL/]

The following is a list of the latest forecasts for 2025 and 2026 gold prices (in $ per ounce):

Brokerage/Agen Annual Price Price Targets 

cy Forecasts

  2025 2026  

Goldman Sachs  $3,295 $3,700 by 2025

year-end

Commerzbank $3,000

HSBC $3,015 $2,915 $2,750 by 2027 and

$2,350 long-term

Deutsche Bank $3,139 $3,700 $3,350 by year-end

$3,600 by

ANZ * $3,308 year-end

$3,335

Macquarie $2,951 $2,675 -

UBS $3,500 - $3,000 by end-2025

BofA $3,063 $3,350 -

JP Morgan $2,863 $3,019 $3,000 by Q4 2025

Morgan Stanley $2,763 $2,450 -

Citi Research $2,900 $2,800 0-3 month forecast at

$3,200 and 6-12 month

forecast at $3,000;

$3,500 by end-2025

*end-of-period forecasts

(Reporting by Rahul Paswan in Bengaluru)