ANZ raises year-end gold forecast to $3,800 per ounce
ANZ Group on Wednesday raised its year-end gold price forecast to $3,800 per ounce and said prices could peak near $4,000 by June next year, citing robust investment demand for bullion.
Spot gold 
GOLD hit a record high of $3,673.95 on Tuesday and gold is up 38% year-to-date, driven by a weaker dollar, strong central bank purchases, dovish monetary policies, and rising global uncertainty.
Greenback-priced bullion, which yields no interest and is often considered as a safe-haven asset during periods of economic and geopolitical uncertainty, typically performs well in a low-interest-rate environment.
The following is a list of the latest forecasts for 2025 and 2026 gold prices (in $ per ounce):
Brokerage/Agency | Annual Price Forecasts | Price Targets | |
2025 | 2026 | ||
Goldman Sachs | $3,280 | $4,025 | $3,700 by 2025 year-end and $4,000 by mid-2026 |
Commerzbank* | $3,400 | $3,600 per troy ounce by the end of next year | |
HSBC | $3,215 | $3,125 | Year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026 |
Deutsche Bank | $3,188 | $3,700 | $3,350 by year-end |
ANZ | $3,338 | $3,845 | $3,800 by year-end |
Macquarie | $3,252 | $2,850 | - |
UBS | $3,500 | - | $3,600 per ounce by end-March 2026 and $3,700 per ounce by end-June 2026 |
BofA | $3,356 | $3,750 | |
JP Morgan | $3,336 | $4,068 | $3,675/oz by year-end |
Morgan Stanley | $3,359 | $3,313 | $4,000 per ounce by June 2026 |
Citi Research | $3,200 | - | 0-3 month forecast at$3,500/oz |
*end-of-period forecasts
