Gold to Hit US$3,220/oz in 2025

Analysts have raised their price forecasts for precious metals amid ongoing global trade tensions and US fiscal debt concerns, according to a recent Reuters poll. A survey of 40 analysts and traders returned a median forecast for gold to average US$3,220/oz in 2025, while the silver price forecast was lifted to US$34.52/oz.

The poll’s result of US$3,220/oz of gold in 2025 marks a notable increase from the US$3,065 predicted in a poll three months ago. The average estimate for 2026 was also raised to US$3,400/oz from US$3,000.

Analysts in the poll say that rising geopolitical risks and a desire by central banks to diversify reserves away from the US dollar are fundamental supports for the gold price. Spot gold prices are up 27% so far this year after hitting a record high in April amid the ongoing US-China trade dispute.

Silver, which has outperformed gold with a 32% price surge so far this year, also saw its forecasts increase. The poll returned a median 2025 silver price forecast of US$34.52/oz, up from the previous US$33.10. The 2026 average price forecast was lifted to US$38/oz.

The report notes that silver's rise has been aided by concerns over US tariff policy, signs of physical market tightness, and growing investor interest. However, one analyst cautions that if inflows into silver exchange-traded products slow, the metal could become vulnerable despite expectations of another market deficit this year.

HSBC Estimates High Gold Prices Too

UK-based financial services firm HSBC estimates gold prices to average US$3,215/oz in 2025, up from its previous estimate of US$3,015. For 2026, the forecast has also been raised to US$3,125/oz, compared to the earlier projection of US$2,915, as reported by MBN.