Analysts at Macquarie Group see substantial potential for the gold price – even beyond the $3,000 per ounce mark. The experts believe that the precious metal’s continued function as a safe haven could lead to the price per ounce reaching the record mark of $3,500 in the third quarter.
On average, an ounce of the yellow metal could cost $3,150 during this period, according to Macquarie. The gold price, which is currently attempting to break through the $3,000 per ounce mark, will receive further support due to concerns about a potential expansion of the US deficit, they said.
Gold has already risen by about 14% in 2025, primarily due to geopolitical uncertainties and US President Trump’s tariff policies. Observers expect these could lead to higher inflation again, from which gold would benefit as a traditional hedge against price increases.
Furthermore, the analysts state that there is still much room for ETFs backed by physical gold to expand their holdings. Gold will also receive additional support from the physical metal market – coins, jewelry, industrial demand – as demand there has held up despite higher prices.
The forecasts from Goldman Sachs – $3,100 per ounce of gold by the end of the year – and Citigroup – $3,000 per ounce within the next three months – are likely to be outdated soon or are already outdated.
