Goldman Sachs forecasts gold prices could reach $3,000 an ounce by late 2025, despite a potentially strong U.S. dollar. The key drivers? Anticipated Federal Reserve rate cuts, central bank gold purchases, and global geopolitical tensions.

Lower interest rates are expected to boost gold’s appeal by reducing the attractiveness of bonds, while nations like China may increase gold reserves to stabilize their currencies. Geopolitical risks, including U.S. tariffs, could further enhance gold’s safe-haven status, making 2025 a potentially historic year for the precious metal.