Investors in gold are having the time of their lives. Gold prices have surged to record highs, all thanks to rising demand for safe-haven assets.
But why this sudden liking for gold? Blame it on the rising global economic uncertainties and geopolitics.
Starting with global central banks who started boosting their gold reserves from 2022, the investors too flocked into gold ETFs. As demand for gold outpaced supply, the price of gold rose.
Gold price has surged from $1,500 recorded in October 2022 to over $3400 today. In a matter of 2 years and 8 months, the gold price has jumped a staggering 125%. In the last one-year, gold is up over 50%. The gold returns in the last 10 years are about 180%.
Will gold jump higher from here? Well, nobody knows. Wish I had a crystal ball?
But, there are market experts, gold pundits, research houses, and institutions who constantly release their gold price forecasts. Most of them expect the bullish momentum in gold to continue amidst weakness in the dollar, potentially tariff-induced inflation fears, and geopolitical tensions.
In the current bull run, gold has already hit a record peak price of $3,500 per ounce, a historic high, on April 22, 2025.
Will the gold rush continue, and what is the new gold target price for 2025 and beyond?
Let us look at some individuals and institutions as to where they foresee the gold price to be in the months and years ahead. And, more importantly, why they think so.
The thing common among almost all analysts – they have revised their 2025 gold targets upwards.
Gold Forecasting
Goldman Sachs’ prediction is that the central bank demand will keep driving gold prices to new record highs in the long term. Goldman predicts the gold price to rise to $3,700 per troy ounce by the end of 2025, and $3,880 if a recession hits the US.
Here’s a higher target for gold from Goldman – gold might hit $4,500 per ounce by the end of 2025 in a high-risk scenario. That means gold may end 2025 with a staggering return of 71.5%!
Goldman’s reasons – Investors will increasingly consider using gold as a diversification strategy, especially if traditional equity portfolio hedges like US Treasuries continue to underperform during equity drawdowns.
What that means is a big rush into gold ETFs. Currently, global gold ETF holdings are worth only about 1% of outstanding US Treasuries and 0.5% of the S&P 500 market cap.
World Gold Council’s latest data shows a different picture. Global physically backed gold ETFs lost US$1.8bn in May, snapping their five-month inflow streak. But that’s a one-month view.
On the day when gold touched the $3,500 per ounce milestone for the first time, JP Morgan predicted that gold prices would reach the $4,000 per ounce milestone next year, in a base-case scenario.
You are by now already familiar with the rationale – increased recession probabilities amid boosted U.S. tariffs and an ongoing U.S.-China trade war.
A few days earlier than JP Morgan’s forecast, Citi Research raised its gold price target for the next three months to $3,500 per ounce from $3,200, led by fresh buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness. Now, that’s already achieved. The market awaits a new price target from Citi now.
Gold Gurus
Gold watchers and investors also keep an eye on price targets set by global gold gurus. George Milling-Stanley, chief gold strategist for State Street Global Advisors, is one of them. Stanley spent five decades helping investors find the right fit for gold in their investment portfolios. He was instrumental in the development of GLD, the world’s first gold-backed ETF. Clearly, he knows a thing or two about the precious metal.
Milling-Stanley says it’s the uncertainty that gives gold more upside potential than downside risk. According to him, the floor rate last year was at $2,000 an ounce, which is now somewhere above $3,000 an ounce. His bullish scenario suggests that gold can potentially trade as high as $3,900.
John Paulson, a billionaire hedge fund manager, is a significant private gold holder, primarily betting on gold due to his belief that the US dollar will continue to weaken in the future. Paulson believes central bank gold buying and global trade tensions are likely to push gold prices to near $5,000 an ounce by 2028.
Charlie Morris is another gold expert who first became interested in the gold market in the late 1990s. Former Head of Multi-Asset Atlantic House Fund Management, Morris believes gold could hit $7,000 by 2030, against a backdrop of raised inflation.
Here’s what Morris believes will lead gold higher: Higher inflation leads to a weaker dollar, higher commodity prices, and a surge in emerging market equities, potentially making bonds unattractive and potentially lowering equity valuations in developed countries.
Billionaire investor Ray Dalio, co-chief investment officer of Bridgewater Associates, is another long-time gold bull. No price target from Dalio, but US SEC disclosures show he bought 1.1 million shares of SPDR Gold Shares — the world’s largest gold-backed exchange-traded fund (ETF) in Q1 2025. The holdings are worth nearly $319 million.
Robert Kiyosaki, renowned author and financial educator, well known for his famous book Rich Dad Poor Dad, is a huge proponent of real assets like gold. He believes gold prices could soar to $25,000 in the future. Why? Kiyosaki always points to growing unrest in the world financial system, and the recent downgrade of the US government’s credit rating and the devolving of US Treasury securities sales last month strengthened his views.
Gold price today in India is Rs 97,990 per 10 grams of 24 carats. Motilal Oswal Financial Services Limited continues to maintain a buy on dips on Gold, wherein investors can start accumulating near the support zone for the long-term targets of Rs 1,06,000.
Summing Up
Gold price target and expectations in 2025 will be largely influenced by interest rates and the US dollar’s inverse relationship, evolving central bank policies, and inflation stickiness, besides the ongoing war-like conflicts between countries.
Predictions, forecasts, and target prices are mostly based on calculations and underlying factors that can help analysts arrive at a certain price. Remember, when those factors change, the price targets also change.
Rather than buying or selling gold based on predictions, prepare a plan that fits gold into your investment portfolio and stick to it.
Your goal should be to use gold in your portfolio to reach your financial objectives, not to keep an eye on the price target.
Also Read: Gold’s Dirty Secret: Are you buying pure or fake jewellery?
