Gold Bulls’ Ranks Swell as Macquarie Hoists 2025 Forecasts
- Surge toward $3,000 seen possible if US fiscal concerns mount
- Goldman Sachs, UBS also positive on precious metal’s outlook
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Gold has scope to push higher next year, likely hitting a record, as the Federal Reserve cuts rates and central banks add bullion to reserves, according to Macquarie Group Ltd.
The precious metal may struggle in the first quarter of 2025 due to a strengthening US dollar, but it stands to extend gains after that, analysts including Marcus Garvey said in a note in which they raised price forecasts. It could “quickly challenge” $3,000 an ounce if Chinese demand picks up, or if President-elect Donald Trump’s policies risk a deterioration in the US fiscal outlook, they said.