Goldman Sachs expects gold to reach $3,100 by year-end

Gold alloys

Goldman Sachs forecasts that gold prices will reach $3,100 per ounce by the end of 2024, driven by central bank purchases and inflows into gold-based exchange-traded funds (ETFs).

This marks an upward revision from the US investment bank’s previous forecast in January, which projected gold prices to reach $3,000 by year-end.

Goldman Sachs analysts Lina Thomas and Dan Struyven noted that central bank demand could average 50 tons per month, exceeding earlier expectations, Bloomberg reported.

They further explained that if economic policy uncertainty — such as tariff concerns — persists, gold prices could climb to $3,300 per ounce by year-end, with increased speculation potentially driving annual gains to 26%.