Gold has surged to unprecedented heights in 2025, with prices exceeding $3,500/oz and £2,600/oz, driven by escalating geopolitical tensions, inflationary pressures, and shifting investor sentiments. Major financial institutions, including JPMorgan and Goldman Sachs, have adjusted their forecasts, suggesting that the precious metal’s climb may be far from over.
JPMorgan’s analysts project that gold prices could reach $6,000/oz (£4,509/oz) by 2029, marking an 80% increase from current levels. This forecast is underpinned by a combination of limited gold supply and rising demand amid global economic uncertainties.
“While hypothetical” adds JP Morgan analyst, “this scenario illustrates why we remain structurally bullish gold and think prices have further to run.”
Goldman Sachs is in agreement and has forecast gold will reach $3,700/oz (£2,780/oz) by the end of 2025 and $4,000 (£3,006/oz) by mid 2026 – but adds, “that in the event of a recession in the US or an escalation of the trade war, it could even hit $4,500 (£3,382/oz) later this year.”
Solomon Global spoke with Clem Chambers – veteran market expert – at this year’s Master Investor Show, and he believes the reason gold is going vertical is due to global unrest.
“It is the cycle of increased global stress and the trend, which is a slow but short escalation towards an endpoint – war” states Clem. “It is pushing gold because the customers are governments. It’s not us guys, it’s countries buying gold.” Full interview available here.
While price projections vary in scale and timeline, the overall sentiment points to a positive outlook for the precious metal. As always, investors should stay informed and consider broader market dynamics when evaluating opportunities in gold.
Disclaimer: This blog is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.
