(Reuters) – Citi Research raised its gold price target for the next three months to $3,500 per ounce from $3,200, led by fresh buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness, it said in a note on Thursday.
China’s recent move to let 10 insurers allocate up to 1% of their total assets to gold could generate annual demand of around 255 tonnes, equal to roughly a quarter of total global central bank buying, Citi said.
Gold prices fell over 1% on Thursday after hitting record high of $3,357.40 earlier in the session, as investors booked profits ahead of a long weekend.
However, a softer dollar and escalating U.S.-China trade tensions kept bullion above the $3,300 per ounce level.
The following is a list of the latest forecasts for 2025 and 2026 gold prices (in $ per ounce):
Brokerage/Agen Annual Price Price Targets
cy Forecasts
2025 2026
Goldman Sachs $3,295 $3,700 by 2025
year-end
Commerzbank $3,000
HSBC $3,015 $2,915 $2,750 by 2027 and
$2,350 long-term
Deutsche Bank $3,139 $3,700 $3,350 by year-end
ANZ * $3,308 $3,335 $3,600 by year-end
Macquarie $2,951 $2,675 –
UBS $3,500 – $3,000 by end-2025
BofA $3,063 $3,350 –
JP Morgan $2,863 $3,019 $3,000 by Q4 2025
Morgan Stanley $2,763 $2,450 –
Citi Research $2,900 $2,800 0-3 month forecast at
$3,500, averaging at
$3,250 during second
quarter 2025
*end-of-period forecasts
(Reporting by Noel John in Bengaluru; Editing by Frances Kerry)
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