Gold Price Forecast 2025-2026
Updated: December 2025
Current Gold Price
~$2,650/oz
As of December 2025. Gold hit all-time highs above $2,700 in late 2024.
Expert Predictions
2025-2026 Price Forecasts
| Source | 2025 Target | 2026 Target |
|---|---|---|
| Goldman Sachs | $2,700-$3,000 | $3,000+ |
| Bank of America | $2,800 | $3,000 |
| JP Morgan | $2,600-$2,800 | $2,800-$3,200 |
| UBS | $2,700 | $2,900 |
Forecasts are estimates and not guarantees. Markets can move unexpectedly.
Factors Pushing Gold Higher
Bullish Factors
- • Central bank buying at record levels
- • Persistent inflation concerns
- • Geopolitical tensions
- • De-dollarization trends
- • Federal Reserve rate cuts
- • Rising national debt
Bearish Factors
- • Strong US dollar
- • Rising real interest rates
- • Stock market rallies
- • Reduced safe-haven demand
- • Crypto competition
Central Bank Buying
Central banks have been net buyers of gold for 15+ consecutive years, with 2022-2024 seeing record purchases:
- • China: Added 300+ tons since 2022
- • India: Consistent accumulation
- • Turkey, Poland, Singapore: Major buyers
- • 2024 total: ~1,000+ tons purchased globally
Why Central Banks Are Buying
Countries are diversifying away from US dollar reserves, hedging against sanctions risk (post-Russia asset freezes), and preparing for potential currency instability.
Historical Context
- • 2000: ~$280/oz
- • 2011: ~$1,900/oz (previous all-time high)
- • 2020: ~$2,000/oz (COVID surge)
- • 2024: ~$2,700/oz (new all-time high)
- • 20-year return: ~8-9% CAGR
What This Means for Investors
While forecasts are bullish, remember:
- • No one can predict prices with certainty
- • Gold is a long-term hold, not a trading vehicle
- • Focus on portfolio diversification, not price speculation
- • Dollar-cost averaging reduces timing risk
Our View
The macro environment supports gold: high debt, inflation concerns, geopolitical uncertainty, and central bank buying. But don't buy gold expecting quick gains—buy it for long-term wealth preservation.