In December, central banks around the world bought 108 tons of gold, shocking Goldman Sachs into quickly raising its gold price expectations
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Goldman Sachs has raised its forecast for the gold price at the end of 2025 from $2,890 per ounce to $3,100 per ounce, mainly due to increased demand from central banks and global economic uncertainty. In December 2024, central bank demand reached 108 tons, significantly higher than the average of 17 tons in 2022, with China being the largest buyer, increasing purchases by 45 tons. Goldman Sachs has adjusted its monthly demand assumption from 41 tons to 50 tons, expecting gold prices to hit $3,000 in 2026
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