Published by Global Banking & Finance Review®
Posted on April 3, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleGold prices have surged past $4,000/oz, with major banks like Goldman Sachs forecasting further increases due to economic uncertainties and central bank buying.
(Reuters) -Gold surged past $4,000 an ounce for the first time on Wednesday as investors sought the safe-haven asset amid global economic and geopolitical uncertainties, while potential U.S. interest rate cuts further boosted the rally. [GOL/]
Goldman Sachs raised its December 2026 gold price forecast on Monday by $600 to $4,900 per ounce, citing strong Western exchange-traded fund (ETF) inflows and likely central bank buying.
Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce):
Brokerage/Age Annual Price Forecasts Price Targets Forecast
ncy as of
2025 2026
Goldman $3,400 $4,525 $4,900 by October
Sachs December 2026 7, 2025
Commerzbank* $4,000 $4,200 per October
troy ounce by 7, 2025
the end of
next year
HSBC $3,355 $3,950 Raises 2027 October
average price 3, 2025
forecast to
$3,600/oz
(from
$2,925/oz) and
introduces a
2028 forecast
of $3,330/oz
Deutsche Bank $3,291 $4,000 $4,300 by September
Q4-2026 17, 2025
ANZ $3,338 $3,845 - September
10, 2025
UBS - - $4,200/oz over October
the 3, 2025
coming months
BofA $3,356 $3,750 - September
15, 2025
Citi Research $3,400 $3,250 - September
29, 2025
*end-of-period forecasts
(Reporting by Anmol Choubey in BengaluruEditing by Mark Potter)
The article discusses major banks' forecasts for gold prices as they surpass $4,000/oz amid global uncertainties.
Goldman Sachs predicts $4,900/oz, while Commerzbank forecasts $4,200/oz by the end of 2025.
Gold prices are rising due to economic uncertainties, potential U.S. interest rate cuts, and increased central bank buying.
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