Barron's: How Much Higher Can Gold Prices Go? Wall Street Sees More Records Ahead
Gold has already glittered this year, and Wall Street believes the precious metal can continue shining.
The price of gold rose 1.4% to $2,941 per troy ounce in trading Tuesday, putting it 0.2% off its record high notched last week, according to Dow Jones Market Data.
UBS analyst Joni Teves wrote that market conditions have triggered a boost to gold price forecasts, with a peak anticipated for later this year. She believes gold can trade as high as $3,200 before prices settle and stabilize at a higher level over the next few years.
UBS says a gold rally stronger than previous views is likely to be driven by bullish sentiment—with gold seen as a safe-haven amid macro economic uncertainty—a continued lack of investors in the space, and better-than-expected official sector demand.
“After missing several (brief/ shallow) buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around,” analysts wrote.
Goldman Sachs analysts Lina Thomas and Daan Struyven were similarly optimistic, lifting their 2025 gold price forecast to $3,100 per troy ounce from $2,890 on higher central bank demand.
However, the team acknowledged that if policy uncertainty including tariff fears remain elevated, gold prices could charge as high as $3,300 by the close of the year.
