Gold price: 26 expert forecasts for 2025

At the end of January, the London Bullion Market Association LBMA published the results of its annual ‘Precious Metals Forecast Survey’ for 2025. The survey participants, 26 analysts and commodity experts from banks, major companies, investment consultancies, precious metals research companies, gold producers and specialised financial portals, shared their market forecasts for gold, silver, platinum and palladium in the US dollar zone. 

More moderate upward trend with higher volatility

On average, the quantitative price forecasts of the precious metals experts and analysts surveyed see a potential price increase of 14 per cent of the average gold price in 2025 compared to the previous year. This shows the predominantly bullish attitude of the 26 respondents, but also a consensus that the gold price will no longer rise as sharply as in 2024 and the first weeks of 2025. The forecasts ranged between a potential low of US$2,500 and a possible high of 3,290 – a fluctuation some 40 per cent higher than in 2024 and possible indicator of a significantly higher price volatility in 2025. 

20 of the 26 experts deem a gold price above US$3,000 possible

Regarding the maximum potential of the gold price in 2025, 20 of the 26 experts – more than 75 per cent – considered a maximum price of US$3,000 or more to be possible. However, none of the analysts surveyed expected an average price at this level. The overall average of the forecasts is US$2,736, with Keisuke Okui from the Japanese conglomerate Sumitomo Corp. making the most bullish forecast for the average gold price in 2025 at US$2,950, and Robin Bhar from Robin Bhar Metals Consulting the most bearish at US$2,500. All outlooks refer to the gold performance in 2025 compared to the previous year – not including the current gold price, which at US$2,915 is higher than almost all the average price forecasts. Could this be an indication of price corrections over the course of the year? Some analysts do believe that a weakening of the gold price is possible, especially in the last quarter of 2025. Landesbank Baden-Württemberg, for example, expects a gold price correction to US$2,400 by the end of 2025 in its study ‘LBBW Commodities Quarterly Q4/2024’. As to how the precious metal will actually develop in 2025, we will have to wait until the end of the year to know for certain. As Mark Twain once said: “It’s difficult to make predictions, especially about the future.”