Morgan Stanley, Citi, and Goldman Sachs have all raised their gold price forecasts, with expectations of prices reaching $3,300 to $3,500 per ounce in the near term, driven by strong physical demand and macroeconomic factors. Goldman Sachs even suggests a potential rise above $4,200 per ounce by late 2025 under severe market stress. As gold prices hover around $3,121.44, analysts emphasize the importance of sustaining physical demand and the impact of interest rate trends on future growth.