Goldman Sachs sees more room for gold to run higher, hiking its forecast for the precious metal due to growing recession risks

U.S. President Donald Trump gestures while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”. (Credit: Andrew Harnik—Getty Images)

• The Wall Street investment bank predicts an ounce of gold will cost $3,700 by the end of this year, up from a previous forecast of $3,300, citing more central banks buying the precious metal along with higher ETF flows. Donald Trump’s presidency has been a blessing for goldbugs now profiting from the uncertain economic outlook sparked by his administration’s trade war.

In times of great uncertainty, few assets can outperform gold. The precious metal has been a safe haven for decades—and this year, it’s enjoyed a bull run that has rewarded bullion owners with massive gains.