Macquarie Group analysts forecast that gold could climb to a record high of $3,500 per ounce in the third quarter, with an average price near $3,150 during that period. Trading around $2,940 at present, gold has already gained approximately 12% so far this year as investors react to geopolitical uncertainty and concerns about tariff policies.
The analysts point to a rising preference among investors for gold because it carries no credit or counterparty risk. They also see potential additional support from a widening U.S. fiscal deficit and continued resilient physical demand, even at elevated prices. These factors, in their view, could propel prices toward new highs.
Other major banks have also adjusted their outlooks higher. Goldman Sachs has increased its target to $3,100 per ounce, while Citigroup now sees gold reaching $3,000 per ounce. Together, these revised forecasts reflect a broader shift among market participants toward a more bullish stance on precious metals amid current economic and political dynamics.
Investors weighing exposure to gold should consider the various drivers behind these forecasts—safe-haven demand amid geopolitical risk, potential effects from fiscal policy and deficits, and continuing physical buying from consumers and central banks. As always, market moves can be volatile, so individuals should assess their risk tolerance and time horizon before making investment decisions.