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.

The investment banks believe that the current uncertainty in US politics and recent market consolidation create favorable conditions for gold investment. They also highlight the structural demand from central banks and potential cyclical support from anticipated Federal Reserve rate cuts. Goldman Sachs emphasizes the importance of long positions in gold and oil as hedges against inflation and geopolitical risks, particularly in scenarios involving rising tariffs, geopolitical disruptions, and concerns over national debt.

UBS suggests taking advantage of recent declines in gold prices and sees a buying opportunity with strong support identified at $2,500. Additionally, UBS recommends maintaining a balanced dollar portfolio with an allocation of approximately 5% to gold.