Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold has the momentum to clear more all-time highs in 2025, according to Macquarie Group Ltd. The Australian-based multinational bank upped its projection for the yellow metal to $2,800 in mid-2025 with the potential for reaching $3,000 by year’s end. In a note to investors, analysts forecasted possible drivers and headwinds facing gold next year, highlighting the climate of economic uncertainty.
2025 Quarterly Outlook Gold Price
Instead of giving a flat number, Macquarie analysts laid out their predictions on a quarterly basis:
Q1 2025 — The group eyes an average gold price of $2,650 between January and March, largely bogged down by anticipated USD gains as economic hopes rise under a presidential transition. Although Macquarie effectively sees the yellow metal trading sideways over the next few months, this Q1 projection is still a 1.9% jump from prior estimates.
Q2 2025 — Gold prices will experience their next major leg up in the second quarter of 2025, reports Macquarie. Analysts raised their expectations by 12%, indicating a more optimistic outlook. Gold is expected to trade around $2,800 in April, May, and June, fueled by waning investor confidence and declining dollar strength.
Q3 & Q4 — Macquarie’s second-half projections for 2025 aren’t as fleshed out as their first-half forecasts, mainly due to underlying economic instability. The group highlights two possible scenarios: gold shines less bright as the broader economy makes gains or prices climb to $3,000 amid continued economic weakness.
What could propel gold to $3,000?
The investment bank paints a specific image of what circumstances would drive gold prices to the record-setting $3,000 mark:
Increased Demand
Demand is one of the main factors influencing gold prices, especially from central banks. Macquarie points to China as a key source of demand to buoy the yellow metal. Following a six-month break, the People’s Bank of China (PBoC) has reignited its gold binge. Plus, the country’s gold buying quotas suggest demand will continue far into the future. Gold ETFs could provide another major source of demand as these assets rest 25% below a 2020 high, leaving plenty of room for a supportive rebound.
Heightened Fiscal Risks
Ironically, the Trump card potentially stunting the economy’s recovery could come in the form of the President-elect’s audacious plans. Looming tariff threats, erupting trade wars, and a $7.75 billion projected rise in national debt would undermine the American economy and the fledgling dollar. If Trump’s policies fail to deliver, the economic fallout would likely boost gold demand and prices as investors seek out safe havens amid rising inflation, surging living costs, and a softer job market.
Rate Cuts
Macquarie warned investors of the ramifications of lower interest rates which tend to devalue the dollar as potential returns drop. The Federal Reserve plotted a steep path of rate cuts following a bold 50-basis point slash earlier this year. However, persistent inflation (now at 2.7%) and a weakening job market are slowing down its easing policy. With plans to move ahead with cuts throughout 2025, the Fed could be creating a golden opportunity for the yellow metal.
Higher Gold Price Predictions Across the Board
The Macquarie Group isn’t the only bank expecting gold to extend its rally into next year. In fact, many major financial institutions, along with respected economists, analysts, and precious metals advisors, are making bullish 2025 gold price forecasts. There’s widespread agreement that growing economic and geopolitical instability are the key drivers behind this potential growth.