Investment bank Goldman Sachs raised its forecast for the price of gold at the end of 2025 to $3,700 per ounce, increasing the previous estimate by $400. The bank’s analysts expect that in the context of growing risks of recession and increased demand from central banks, the cost of gold may fluctuate in the range from $3,650 to $3,950 per ounce. If negative scenarios, such as an economic downturn in the US, materialise, the price could reach $4,500 per ounce.
Historical gold price trends over the last 10 years.
2015-2018: gold price remained in the range of $1,100 – $1,300 per ounce.
2019-2020: rising to $1,500 – $2,000 per ounce amid global economic uncertainties.
2021-2022: stabilising in the range of $1,800-$1,900 per ounce.
2023-2024: gradual increase to $2,400 per ounce.
2025: reaching record levels in excess of $3,200 per ounce.
Gold prices traditionally rise during periods of geopolitical instability and economic crises, as investors view the metal as a safe haven asset.