- 17:00
Gold price surged past $3,000 per ounce last Friday, setting a new all-time record. By Tuesday morning, around 08:30 GMT, the precious metal climbed even higher to $3,020 per ounce, fueled by escalating geopolitical tensions in the Middle East and lingering trade wars initiated during Donald Trump’s presidency.
Meanwhile, BRICS central banks (Brazil, Russia, India, China and South Africa) continue their aggressive gold accumulation strategies. While data on direct commercial bank purchases in these nations remains scarce, initiatives such as the establishment of a precious metals exchange and direct gold sales to the public by select banks underscore their growing influence in the market.
Analysts maintain an optimistic outlook on gold’s trajectory. ANZ Bank, a leading financial institution in Australia and New Zealand, recently revised its forecast upward, predicting prices will reach $3,100 per ounce within three months and $3,200 within six months.
Similarly, UBS expects gold to hit $3,200 per ounce by June 2025, citing strong demand for this safe-haven asset amid ongoing political and economic uncertainties.
However, Goldman Sachs takes a more cautious stance. In a 2024 forecast, the investment bank projected gold would reach $3,100 per ounce only by the end of 2025, attributing its rise primarily to sustained central bank demand.
Despite varying projections, financial institutions generally anticipate gold will hover around $3,100 per ounce in the near term. However, given the volatility of financial markets, these forecasts should be viewed with caution.
Notably, before Trump’s presidency, several investment banks had predicted gold would only surpass $3,000 per ounce by Q4 2025—an estimate that recent market movements have already invalidated.
Gold’s Historic Milestones
For perspective, gold first crossed the $1,000-per-ounce threshold in March 2008 amid concerns over the global financial crisis. In August 2020, it surged past $2,000 per ounce as the world grappled with the economic fallout of the COVID-19 pandemic. Now, in March 2025, gold has breached the $3,000 mark, reinforcing its status as a key asset in times of global uncertainty.
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