Overview

• Gold prices have reached $3,060 per ounce, marking their 17th record high of 2025, driven by U.S. trade policy uncertainty and a weaker dollar.
• Goldman Sachs raised its end-2025 forecast to $3,300 per ounce, citing stronger-than-expected ETF inflows and sustained central bank purchases.
• Bank of America increased its 2025 price target to $3,063 per ounce and projected a potential rise to $3,500 within two years if investment demand grows by 10%.
• Asian central banks are expected to continue aggressive gold purchases for the next three to six years, further supporting prices.
• Market focus now shifts to potential reciprocal tariffs from the Trump administration on April 2, which could influence gold's trajectory.