Goldman Sachs and UBS have restated their predictions for gold prices by the end of 2025.

Goldman Sachs expects an ounce of gold to reach $3,000, while UBS has a slightly lower target of $2,900.

Goldman Sachs believes that the current uncertainty in U.S. politics and recent market consolidation create favorable conditions for investment. They also highlight the structural demand from central banks and potential cyclical support from Federal Reserve rate cuts. Goldman Sachs suggests that long positions in gold and oil can serve as effective hedges against inflation and geopolitical risks, especially in extreme scenarios like tariff increases and supply disruptions.

On the other hand, UBS recommends taking advantage of any declines in gold prices and notes strong support at $2,500. They also suggest maintaining a 5% allocation in a balanced dollar portfolio.