Last March, some of the most optimistic gold experts projected the spot price of gold to reach $2,300 or $2,400 per ounce in the next year or two. By summer, the price of gold surpassed $2,400 for good and has continued to set price records in the time since. Nearly a year later, the price of gold is over $2,950 per ounce (as of February 24, 2025) and if the current trajectory continues, the price may soon surpass the $3,000 mark.

In total, gold increased in price by over 25% in 2024, due in large part to investors buying in to protect against losses from geopolitical tension and inflation while capitalizing on quick price growth due to increased demand, among other factors. With these forces still in play in 2025, along with unease over how the current administration’s policies could have an impact on the economy, some investors are turning to gold as a safe haven.

How long will gold’s upward trend continue? In the short term, gold appears to have room to run in March, says Luciano Duque, chief investment officer at C3 Bullion. “Yes, it will go higher. We have been waiting for a pullback that has not yet been shown, and with the current news from the COMEX (commodities exchange) and trade wars, the possibilities of a strong pullback are diminishing. We anticipate that when the pullback arrives, it will be mild and short-lived, to resume its upward trajectory, hopefully at a slower pace.” Let’s take a closer look at the gold price outlook for the rest of 2025.

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What’s the gold price outlook for the rest of 2025?

Here’s what experts say could happen with gold’s price over the rest of the year. 

Gold price outlook for spring

While no one knows for certain how the price of gold will perform, market signals indicate its strong performance may continue in the short term. After all, the large central bank purchases that have contributed to gold’s strong run aren’t showing any signs of slowing down. 

Goldman Sachs also points to federal debt as a catalyst that could drive gold’s price upward. The Treasury Department reports U.S. debt now exceeds $36 trillion, and the Congressional Budget Office (CBO) estimates over $1 trillion in annual interest payments on that debt for the next decade. These factors, combined with persistent inflation, may fuel economic uncertainty and prompt many investors to seek safety in gold this spring.

“Our forecast was for a $3,000 gold price by mid-year, and just in the second month, we are almost at that mark,” says Duque. “As we mentioned last year, the days of a sub-$2,000 gold price are over, and we will probably never see that again.”

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Summer gold price expectations

Projecting investment performance — from equities to precious metals — is challenging for even the most seasoned financial analysts, especially several months out. That’s where it helps to pay attention to what the indicators reveal.

For example, the Federal Reserve has hinted at modest cuts in the federal funds rate in the second half of 2025. According to Goldman Sachs data, gold exchange-traded fund (ETF) purchases typically increase when interest rates fall. If gold is still on a bullish run, some investors may go all-in and borrow money to purchase more gold or allocate more of their portfolio to the precious metal. 

Still, financial analysts commonly caution investors to limit gold allocation to no more than 5% to 10% to maintain a balanced portfolio.

“By mid-2025, gold is expected to continue its upward trajectory, potentially reaching the $3,200 to $3,300 range,” says Pawan Jain, interim chair of finance at Virginia Commonwealth University. Jain points to sustained central bank accumulation and increasing global reserves of gold over the next year. “Additionally, investor demand remains resilient, particularly in ETFs and physical holdings, which have seen steady inflows,” says Jain.

Gold price predictions for fall 2025

Many commodities analysts are now adjusting their year-end forecasts for the price of gold after the metal’s strong 2025 start pushed it past earlier projections. Goldman Sachs, for example, has upped its final 2025 gold price projections from $2,890 per ounce to $3,100 per ounce. The firm points to continued central bank demand as the primary price driver. Of course, gold is always an attractive option for investors looking for a hedge against inflation or a store of value amid economic uncertainty.

“Given the increasing demand for physical gold and the way things are going with COMEX gold physical delivery, finishing 2025 at the $3,500 mark might even look conservative,” says Duque.

The bottom line

While the general outlook for gold remains positive, investors should exercise caution, understanding that price fluctuations are likely. As Joseph Cavatoni, senior market strategist at World Gold Council, notes, demand for gold is influenced by a number of global factors, not just a single indicator like the U.S. dollar or interest rates. 

“With this backdrop, we anticipate that the gold market will remain volatile, especially as we await clarity on US trade and economic policies. While it’s possible to see a price as high as $3,000, we also expect fluctuations that may pull the price below that level at times,” says Cavatoni.

However, if you believe gold prices will increase further in 2025, you may benefit by investing now, explains Dinon Hughes, a financial consultant at Nvest Financial. 

“Just because gold is up doesn’t mean it is a bad time to invest in it. Just about everything else under the sun is up as well: stocks, bonds, you name it. For long-term investors, the focus should be on its role as a diversifier and hedge, and less so on the price swings,” Hughes says.