Gold Price Predictions & Forecasts for 2025

*Avg. Gold Price Predicted for 2025

$3,006 / oz

Current Gold Spot Price

$2,640.85 / oz

highest gold price icon

*Highest Gold Price Predicted in 2025

$5,000 / oz

lowest gold price icon

*Lowest Gold Price Predicted in 2025

$2,325 / oz

Last updated on January 3, 2025

*Average, highest, and lowest gold prices for 2025 are based on the below price predictions and forecasts.

Disclaimer: This is not investment advice. The information provided is for informational purposes only. No information, materials, services, or other content provided on this page is a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Always seek independent consultation from a professional before making any investment.

As the economy enters a new year marked by uncertainty and instability, many investors are wondering about gold price predictions for 2025. The precious metal has continued to be the favored safe-haven asset, especially in the past few years, benefitting from sustained demand and a reputation for reliable protection against inflation.

However, it’s precisely the steepness of the 2024 gold rally that has many wondering if the momentum is sustainable. While nothing is set in stone, understanding what the smartest people on the subject are saying can paint an accurate picture of where gold prices could be headed in 2025.

Before looking ahead to 2025 gold price forecasts, it’s vital to understand where gold has been throughout 2024. This lead-up plays a crucial role in determining gold’s future performance. Gold prices kicked off the year at $2,063.73/oz following steady growth in the post-pandemic economies of 2022 and 2023. That momentum built up into a record-shattering gold rally in 2024 as the yellow metal climbed to a high of $2,786.91/oz, representing over a 35% surge.

The rally took a pit stop following the highly anticipated presidential election, retreating around 8%. However, most of those losses were quickly reclaimed, suggesting the dip was merely a temporary correction, similar to 2016. Gold’s strong upward trend led experts to raise their price predictions multiple times throughout the year, as each new milestone was easily surpassed. Despite sitting at recent all-time highs, the metal is poised again for serious moves, according to experts.

The spot price of gold closed out 2024 at $2,624.49/oz, a more than 27% gain for the year.

Individual 2025 Gold Price Predictions & Forecasts

Financial Institution/AnalystGold Price Predicted (Per. oz)Time Frame
Robert Kiyosaki$5,0002025
Jordan Roy-Byrne$4,0002025
IG Bank$3,113H2 2025 (High)
State Street Global Advisors$3,1002025 (High/Bull Case)
Goldman Sachs$3,0002025
J.P. Morgan$3,000Q4 2025
Citi$3,000H1 2025
UBS$3,0002025
Commonwealth Bank of Australia$3,000Q4 2025
Bank of America$3,0002025
Saxo Bank$3,0002025
World Gold Council$3,0002025 (High)
Capitalight Research$3,000H2 2025
UOB$3,000EOY 2025
Heraeus Precious Metals$2,9502025
London Bullion Market Association$2,917.40October 2025
Wells Fargo$2,9002025 (High)
ANZ Bank$2,900End-2025
Société Générale (SocGen)$2,900EOY 2025
RBC Capital Markets$2,8232025
(CIBC) Canadian Imperial Bank of Commerce$2,8002025
Macquarie Group Ltd.$2,800Q2 2025
Deutsche Bank$2,800EOY 2025
ING Bank$2,800H2 2025 (High)
TD Securities$2,700Q2 2025 (High)
Morgan Stanley$2,700Q1 2025
Commerzbank$2,650Q4 2025
World Bank Group$2,3252025
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Robert Kiyosaki

$5,000/oz

"Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care."

Source

Jordan Roy-Byrne

$4,000/oz

"Gold is in a very bullish cup and handle pattern. When markets break past 12-year resistance [levels], they give way to spectacular moves.”

Source

IG Bank

$3,000–$3,113/oz

“For our previous psychological $3,000.00 upside target to get hit will probably take longer and is now expected to occur later in quarter one (Q1) 2025 or perhaps only during the second quarter (Q2) of next year. Once the gold price trades in the $3,000.00 region, it will likely trade around this level for several months. If buying pressure persists beyond $3,000.00, the next technical target lies at $3,113.00.”

Source

State Street Global Advisors

$3,100/oz

"Despite a resilient US dollar and gold’s spectacular 2024 run, we think its price could go as high as $3,100/oz in 2025. Central bank buying remains strong; consumer demand from India and China is growing; and we see more investors seeking gold due to expected rate cuts (with financial positioning not stretched, historically or normalized), geopolitical tensions, and worsening fiscal deficits."

Source

Goldman Sachs

$3,000/oz

“We keep our $3,000 December 2025 forecast. The structural driver of our bullish gold forecast is higher demand from central banks.”

Source

J.P. Morgan

$3,000/oz

“J.P. Morgan is projecting that gold will rise toward $3,000 per ounce in 2025, with an average price of $2,950.”

Source

Citi

$3,000/oz

"Citi analysts have also held on to their view that gold will hit $3,000 in the next six to nine months. If oil prices spike due to a near-term escalation in the Middle East, they added, gold should see a lift."

Source

UBS (Joni Teves)

$3,000/oz

"We think the market is still underinvested in gold. We have a $3,000 target for next year."

Source

Commonwealth Bank of Australia (Vivek Dhar)

$3,000/oz

"Vivek Dhar said in a note on Monday that he sees gold averaging $3,000 in the fourth quarter of next year as a result of persistent weakness in the U.S. dollar."

Source

Bank of America

$3,000/oz

“If the Fed ultimately starts cutting rates, investors should return to the market, also offsetting potentially lower Chinese investment demand as sentiment there improves and the economy accelerates. We had previously proposed a US$2,400/oz price estimate if the Fed cut rates in 1Q24; we now raise that and see gold rallying to US$3,000/oz by 2025.”

Source

Saxo Bank

$3,000/oz

“The next major target for gold points to USD 3,000 and silver to USD 35.”

Source

World Gold Council

$2,700–$3,000/oz

"Market expectations are right in line with $2,700 and $3,000. We see a very strong case to support those estimates in terms of the overall trajectory of the gold market."

Source

David Tait, CEO of the World Gold Council

$3,000/oz

“Tait believes gold could reach $3,000 an ounce by 2025, reflecting strong demand from major economies like Japan, China, and India.”

Source

Capitalight Research

$3,000/oz

Chantele Schieven, Head of Research at Capitalight Research, sees the price of gold trading between $2,500-$2,700/oz in the first half of 2025, but expects gold prices to surpass $3,000/oz in the second half (H2) of the year.

Source

UOB

$3,000/oz

"We remain confident of our positive view for gold as long-term safe haven demand needs will likely stay strong amid a further rise in geopolitical and economic risks from Trump 2.0. We see gold rising further to eventually $3,000 per ounce by the end of 2025. Immediate strength in the US dollar may trigger some near term consolidation in gold before it resumes its rally as 2025 progresses.” – Heng Koon How, head of markets strategy at Singapore-based bank UOB.

Source

Heraeus Precious Metals

$2,950.00/oz

“In view of further interest rate cuts and the prospect of a weaker dollar, the price of gold could rise to 2,950 dollars…in the new year.”

Source

London Bullion Market Association

$2,917.40/oz

"Delegates at the London Bullion Market Association event in Miami expect the precious metal to rise to $2,917.40 an ounce by late October next year, about 10% above current levels."

Source

Wells Fargo

$2,900/oz

“Wells Fargo expects gold to end next year between $2,800 and $2,900 an ounce.”

Source

ANZ Bank

$2,900/oz

"Daniel Hynes of ANZ says there are underlying fundamentals for the gold market, and the beginning of monetary easing in the U.S. will further boost prices."

Source

RBC Capital Markets

$2,823/oz

“RBC expects gold prices to lift 6% to US$2,823 ($4,376) per ounce. RBC analyst Kaan Peker said the key themes for most major economies in 2025 will be normalising inflation and monetary easing, which would be supportive of growth/commodity demand.”

Source

Societe Generale (SocGen)

$2,900/oz

"Benjamin Hoff, global head of commodities research at Societe Generale, says that gold hitting the $3,000/oz mark is ‘not a matter of if, but when’, despite strength in the US dollar. He stated that ‘our end of year 2025 target for gold is $2,900 per troy ounce.’"

Source

(CIBC) Canadian Imperial Bank of Commerce

$2,800/oz

“CIBC sees gold prices averaging around $2,800 an ounce next year, with most of the gains coming in the second half of the year.”

Source

Macquarie Group Ltd.

$2,800/oz

“[Gold] could “quickly challenge” $3,000 an ounce if Chinese demand picks up, or if President-elect Donald Trump’s policies risk a deterioration in the US fiscal outlook.”

Source

Deutsche Bank

$2,800/oz

“The precious metal is likely to remain in demand in 2025 as well, despite the relatively high capital market rates that are expected and the strong U.S. dollar. The reason for this is the strong demand for physical gold, for example from central banks. In addition, the precious metal should be able to demonstrate its importance as a risk-hedging component in a portfolio, especially at a time of great uncertainty. We expect the price of gold to fluctuate at around USD2,800/oz by the end of 2025.”

Source

ING Bank

$2,800/oz

"We believe the bullish macro picture combined
with safe-haven demand and central bank buying will continue to drive gold to
new highs in 2025."

Source

TD Securities

$2,700/oz

TD Securities’s detailed forecasts have spot gold trading at $2,675 per ounce in the first quarter of 2025 and topping out at $2,700 in Q2, before dropping to $2,625 in both Q3 and Q4.

Source

Morgan Stanley

$2,700/oz

"Morgan Stanley forecasts gold prices to average $2,700/oz in Q1 2025, with limited room for upside due to slowing physical demand and macro uncertainties."

Source

Carsten Fritsch, precious metals analyst at Commerzbank

$2,650/oz

“Our gold price forecast [is] USD 2,650 per troy ounce.”

Source

World Bank Group

$2,325/oz

"Over the next two years, gold prices are expected to remain 80% higher than the average in the five years preceding the COVID-19 pandemic, declining only slightly."

Source
I think by the end of 2025, we’re at $3,000.
Sr. Precious Metals Advisor Damian White (Watch Video)

Why could gold be going higher in 2025?

Gold prices going higher in 2025

Experts point to a variety of economic, geopolitical, and political factors driving gold’s anticipated growth in 2025:

Central bank demand is the single most influential variable in determining gold prices. In fact, Goldman Sachs analysts estimate that “100 tonnes of physical demand lifts gold prices by at least 2.4%,” indicating a strong relationship between the buying habits of national-level investors and gold prices. Over the past three years, central bank buying has sustained record highs as countries around the world seek to shore up their economies in a climate of growing instability and uncertainty.

“[Central bank demand has] been the dominant driver of where gold moves since 2022," explains Samantha Dart, the co-head of commodities research at Goldman Sachs. This buying spree is expected to continue as diversification remains top of mind for governments looking to stabilize their currencies on something more reliable than a waning dollar.

According to a Federal Reserve survey, the US economy's $36 trillion national debt is the biggest threat. At more than $1 trillion, the annual cost of servicing that debt is higher than the defense budget—a development billionaire investor David Rubenstein called a “grenade” for the economy. The government’s unsustainable cycle of printing and spending has triggered a modern-day gold rush as central banks, financial institutions, and retail investors seek to avoid the fallout of a debt crisis. The Committee for a Responsible Federal Budget estimates Trump’s policies will add $7.75 trillion, speeding up debt accumulation instead of slowing it down.

The de-dollarization movement is picking up tremendous speed moving into 2025 as more countries join the BRICS nations–the defacto ringleader of this global trend. This rapidly expanding coalition of emerging economies hosted delegates and representative from more than two dozen countries at their annual event in 2024. At the same time, the dollar’s share of global reserves fell to 58%, marking a 17% drop over the past 24 years. The global dollar flight is reflected in the gold demand surge. Central banks have shown a strong preference for the yellow metal to replace the dollar when it comes to strengthening currencies and economies.

Inflation has taken a back seat to other concerns with rates dropping from a year-over-year high of 3.48% in March 2024. Right after the Fed claimed a soft-landing victory, troubling Consumer Price Index and Producer Price Index data revealed inflation was higher than expected at 2.7% in November 2024 still well above the target range. To make matters worse, many economists warn of the inflationary pressures that could result from Trump’s economy-wide shakeup. Generally, inflation is positive for gold prices as investors ditch a devaluing dollar.

The recession alarm bells quieted as the Fed’s aggressive rate hike policy reduced inflation. Unfortunately, the economic data suggest that those warnings need to be reignited for 2025. The same Fed survey found recession fears to be the fourth most common concern among financial professionals. Some people have even highlighted the potential for stagflation-the catastrophic combination of a stagnant economy, slowing job markets, and entrenched inflation. These three boxes aren’t fully checked yet, but they’re steadily being marked off as the days go by.

Another potential boon for gold prices in 2025 is the Federal Reserve's dovish stance on interest rates. In September 2024, the central bank initiated an aggressive rate-cut cycle with a 50-basis-point reduction. Although Fed Chair Jerome Powell has signaled a slower approach to further cuts, several reductions are expected throughout 2025. Lower rates make saving and traditional investments like bonds less rewarding, encouraging investors to seek alternatives like gold, which doesn’t rely on interest to generate value. The dollar's already weakened position on the world stage exacerbates the typical softness that comes with rate cuts, further improving gold's outlook.

The worldwide illusion of relative peace has been shattered by two hot wars that expanded throughout 2024. In response, investor confidence in traditional markets has tanked, benefiting safe-haven assets such as physical gold. US sanctions against Russia in response to the invasion of Ukraine spiked demand among central banks of emerging economies looking to minimize America’s dollar-based leverage. Even if Trump achieves his audacious goals of ending these wars, his abrasive tariff policies threaten to launch all-out trade wars with China, Mexico, Canada, and beyond.

What could hamper gold prices in 2025?

Gold prices going lower in 2025

Although most gold forecasts for 2025 anticipate growth, other predictions aren’t as glittering. Some experts highlight potential headwinds for the yellow metal, possibly leading to decreased demand and lower gold prices.

If inflation penetrates the economy further, the Fed might be forced to reverse its rate cuts to relieve the pressure. A rapid switch to aggressive rate hikes could minimize gold's appeal as the opportunity cost of holding non-yielding assets increases.

The prospect of a stronger dollar could also put a ceiling on gold prices. When USD demand is high, dollar-backed assets such as stocks and bonds tend to perform well, pulling investors away from safe-haven instruments like gold. Although the national debt is a major obstacle to rising gold demand, some people are hopeful Trump's economic policies will lead to a golden-age economy.

📚 Suggested reading: How These 10 Factors Regularly Influence Gold Prices