GS raises gold target to $4,000, UBS to $3,500

Goldman Sachs and UBS have issued another round of bullish forecasts for gold, citing ongoing market uncertainty (i.e., tariffs).

Goldman analysts now expect gold to reach $3,700 per ounce by the end of 2025, with a potential rise to $4,000 by mid-2026. UBS holds a slightly more conservative view, projecting $3,500 by December 2025.

Technically, gold has pulled back from new all-time highs seen during the Asian session but potentially remains in a strong uptrend. With prices trading well above both the 50-day EMA and 200-day EMA, shallow retracements may find support, especially as tariff-related risks persist for at least the next 90 days.