Gold price forecast 2025: Third-party targets
Gold has long been considered a safe-haven asset in times of economic uncertainty, and with 2025 already marked by central bank pivots, shifting inflation pressures, and geopolitical tension, the metal remains high-profile in trading circles.
Whether you’re watching gold for short-term trading opportunities or longer-term investment, understanding the latest trends and projected gold prices can help shape your strategy.
By April 2025, the gold price exceeded $3,000 per ounce, after rallying throughout 2024. This momentum was supported by falling real yields, expectations of interest-rate cuts by the US Federal Reserve, and ongoing demand from central banks and investors seeking diversification.
But will gold continue to shine through the rest of 2025 and beyond? Here's what the latest forecasts, trends, and expert commentary reveal.
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Key factors influencing the gold price forecast in 2025
Several global forces are shaping gold price expectations in 2025. While some are longstanding, like the inverse relationship with the US dollar, others are more situational, such as evolving central bank policies and inflation stickiness.
Macroeconomic influences
One of the biggest drivers for projected gold prices in 2025 is monetary policy. After one of the fastest tightening cycles in history, central banks including the Fed and the European Central Bank have paused or signalled the possibility of easing. Falling interest rates reduce the opportunity cost of holding non-yielding assets like gold, often fuelling higher prices.
Markets are now pricing in up to three rate cuts from the Fed by the end of the year, which has already started to support gold. If inflation remains contained and economic data continues to weaken, gold could see further upside.
Geopolitical risk and global events
From continued instability in the Middle East to tensions surrounding elections in major economies, geopolitical stress has played a major role in gold’s appeal as a risk hedge. At the same time, central bank purchases remain strong, with countries like China and India continuing to diversify reserves amid shifting global alliances.
Meanwhile, retail demand in Asia, particularly for jewellery, has remained resilient, even as Western investment flows have been more sensitive to yield and macro data.
US dollar and currency markets
Gold often moves inversely to the US dollar. When the greenback weakens, gold typically becomes cheaper for foreign investors and can rally as a result. In 2025, the dollar has softened slightly from its 2022 and 2023 peaks, helped by rate cut speculation and relative strength in other global currencies.
If the dollar continues to slide, it could bolster the gold value forecast over the coming months, particularly if real yields also decline.
Gold price forecast for 2025 and beyond
The 2025 gold price forecast has adapted as the precious metal traded above $3,000 per ounce. Attention has turned to how long this rally can last – and whether prices will continue climbing or face consolidation. Gold price forecasts help outline the potential trajectory of the precious metal over the short and medium term. While no forecast is certain, analysing projected gold prices from leading institutions offers insight into what investors and traders might expect in the months and years ahead.
Explore live gold prices or read our gold trading guide for more information on the gold market.
Past performance is not a reliable indicator of future results.
Short-term gold projections (2025–2026)
The recent breakout above $3,000/oz has prompted several analysts to revise their short-term gold value projections upward. Many forecasts now hinge on the pace of interest rate cuts, global growth uncertainty, and sustained demand from central banks.
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Citi expects gold to trade at an average of $2,900, upgraded from $2,800, in 2025.
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UBS forecasts an average gold price of $3,200 in Q3 2025, supported by dollar weakness, a soft-landing scenario, and ongoing geopolitical tension. Source
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Goldman Sachs sees short-term upside driven by real yield compression, projecting a range of $3,100-$3,300 if inflation remains under control and investor flows remain steady.
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JPMorgan expects gold to stabilise in a range of $2,900-$3,200 through 2025, with prices underpinned by portfolio demand and limited increases in mine supply.
Some analysts caution that short-term corrections are possible, particularly if inflation surprises to the upside or if central banks pause their expected easing cycle. However, most agree that the $3,000 level has now become a key psychological and technical support area.
Longer-term gold projections (2027–2030)
Longer-term gold projections for 2027-2030 are less common, but the gold price future still could be elevated relative to pre-2020 levels. Continued central bank diversification, fiscal fragility in key economies, and persistent geopolitical risk are seen as structural supports.
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InvestingHaven, an independent financial research and forecasting site, sees a potential maximum gold price of $4,400 in 2027, with the peak price hitting an estimated $5,155 by 2030.
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Swiss bank Dukascopy projects a potential average price of $2,500 in 2027, rising to $2,650 in 2028 and $2,950 by 2030.
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LBMA’s Head of Multi Asset Charlie Morris believes gold could hit $7,000 by 2030, against a backdrop of raised inflation.
As with all long-range forecasts, these projections are subject to change based on evolving economic, monetary, and geopolitical conditions. Unexpected shocks such as fiscal stress in developed markets or further de-dollarisation trends could fuel even higher prices.
Experts insights and market analysis for gold
Gold’s position above $3,000 per ounce in 2025 reflects more than momentary volatility – it marks a period of deep structural demand across sectors and geographies.
Louise Street, Senior Analyst at the World Gold Council, expects central banks to continue driving demand in 2025, while ETF investors could step up their exposure in response to lower, but volatile, interest rates. ‘With geopolitical tensions, election-year uncertainty, and shifting monetary policy, we believe gold will remain in demand as a store of wealth and hedge against risk,’ she noted.
Elsewhere, MKS PAMP’s Nicky Shiels points out that gold is increasingly being viewed as a strategic portfolio allocation, not just a short-term hedge.
Meanwhile, HSBC analysts point to continued strength in Asian demand. Physical premiums in India and China remain elevated, suggesting resilience among retail buyers despite high spot prices.
Past performance is not a reliable indicator of future results. Analyst predictions may be wrong and traders should do their own research before taking a position.
Gold’s live price chart
Conclusion: Gold’s path forward
Gold has reasserted its role as a key asset in times of uncertainty, rising strongly in early 2025 thanks to dovish central bank signals, geopolitical stress, and robust demand. The gold market forecast for the rest of the year will likely hinge on whether those trends persist, or if inflationary and macro surprises throw a wrench into expectations.
Short-term price action may remain volatile, but many analysts maintain a broadly constructive view for the year ahead. Whether gold breaks new highs or consolidates recent gains, it remains a core focus for traders and investors alike.
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