Wall Street banks say gold on track for more gains this year

Gold bars

Gold prices are heading for further increases this year, after a robust performance in 2024 with 27% gains, according to the average forecast by banks and refiners surveyed by the Financial Times.

The average consensus showed that gold prices are likely to soar to about $2,795 per ounce by the end of 2025, a rise of roughly 7% from current levels.

The most bullish call among those surveyed was from Goldman Sachs, which projected bullion prices to touch $3,000 by 2025-end. The bank cited central bank demand and the widely-anticipated interest rate cuts by the Federal Reserve.

The most bearish forecasts were from Barclays and Macquarie, which both forecast gold prices to decline to about $2,500 an ounce by year-end — a near 4% drop from current levels.

Michael Haigh, head of commodities research at Société Générale, expected gold prices to climb to $2,900 per ounce by the end of 2025.