Gold could reach new $3,500 high, but when?

Gold could reach new $3,500 high, but when?
Macquarie Group says haven asset is supported by several factors.
MAR 13, 2025
By  Bloomberg

by Yihui Xie

Gold’s burgeoning safe-haven allure may see it surge to a record high of $3,500 an ounce during the third quarter, according to Macquarie Group analysts. 

Bullion could average $3,150 an ounce over that period, analysts led by Marcus Garvey said in a note. The precious metal — which was trading around $2,940 an ounce on Thursday — will get further support from concerns about a potentially growing US deficit, they said. 

Bullion has risen by 12% this year, driven by uncertainties around geopolitics and US President Donald Trump’s tariff policies. A worsening US budget outlook is signaling inflation could increase, which would benefit gold as a hedge, according to Macquarie. 

“We view gold’s price strength to date, and our expectation for it to continue, as primarily being driven by investors’ and official institutions’ greater willingness to pay for its lack of credit or counterparty risk,” the analysts said. 

There is “ample scope” for bullion-backed exchange-traded funds to increase holdings, they said. Gold will also find additional support from the physical market — jewelry, bars, coins and technology — which has held up despite elevated prices, they added. 

Last month, Goldman Sachs Group Inc. raised its year-end gold target to $3,100 an ounce, while Citigroup Inc. said earlier in February that it expected prices to hit $3,000 an ounce within three months.

 

Copyright Bloomberg News

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.