--- title: Most Banks Expect Gold’s Bull Run to Carry into 2025 description: Analysts at a handful of large financial institutions see a bullish environment for gold going into the new year. authors: - name: Marc Guberti url: https://money.com/author/marc-guberti/ bio: Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations. at_money_since: 2024 articles: 437 covers: - Investing - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes editors: - name: Jordan Chussler role: Editor, Investing and Banking url: https://money.com/author/jordan-chussler/ bio: Jordan is an investment editor and CPFC who specializes in traditional equities, gold and other precious metals, retirement savings and income investing. He combines his personal and professional interests in finance and education to help readers increase their financial literacy and make better investment choices. education: Lynn University certifications: Certified Personal Finance Counselor at_money_since: 2023 articles: 131 covers: - Investing - Banking - Credit - Credit Cards - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Mortgages - Personal Finance - Professional Services - Retirement also_seen_in: - Weiss Ratings - 24/7 Wall Street - Better Investing - Yahoo Finance - Nasdaq - Investing.com - Marketbeat - MSN Money social: - https://www.linkedin.com/in/jordan-chussler-b3597811/ published: '2024-12-04T19:02:42.000Z' modified: '2026-03-03T18:10:07.000Z' section: Investing word_count: 855 canonical: https://money.com/banks-expect-gold-bull-market-continue-in-2025/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Bull and bear sculpture on top of gold bars](https://img.money.com/2024/12/Gold-Bull-Run-2025.jpg) Sponsored by: ![](https://s3.consumersadvocate.org/prd/image/image/37789/6de44d64-407b-4528-a2a1-a683aceeb770.webp) Gold can be the key to safeguarding your retirement for your golden years. Unlock the protection of precious metals investments with Thor Metals Group’s expert guidance. [Go to ThorMetalsGroup.com](https://money.com/pr/ea4758d3d473?ap_referrer=%2Fbanks-expect-gold-bull-market-continue-in-2025%2F) Gold is up by more than 31% in 2024 and has delivered more than an 82% gain over the past five years. Nonetheless, many big banks believe that gold is set to continue its rally in 2025 and beyond. This development is good news for long-term [gold investors](https://money.com/is-gold-a-good-investment/). But to understand what’s motivating financial institutions to maintain this stance, let’s dive into what banks believe gold can do in following years. ## What Goldman Sachs thinks about gold Research from Goldman Sachs [suggests](https://www.goldmansachs.com/insights/articles/gold-predicted-to-climb-higher-than-expected-as-records-shatter) that gold will climb higher as [central banks](https://money.com/central-banks-gold-buying-spree/) in emerging markets continue to buy more gold. Goldman Sachs research analyst Lina Thomas mentioned lower interest rates as a catalyst for a 2025 gold rally. Thomas predicts that gold will reach $3,000 per troy ounce by the end of 2025. That price target represents a 17% improvement from current levels. Goldman Sachs recently reiterated its [price target](https://finance.yahoo.com/news/gold-rebounds-deep-weekly-loss-014240108.html) for gold, leaving little doubt on the bank’s current position. ## What Bank of America thinks about gold Goldman Sachs isn’t the only big bank that believes gold will exceed $3,000 per troy ounce by the end of 2025. Bank of America commodity strategist Francisco Blanch also contends that the [precious metal](https://money.com/investing-in-precious-metals/) can reach that price point next year. However, Blanch cautions that gold’s performance could start slow if the Federal Reserve’s interest rate cuts aren’t as dramatic as the market anticipates. He believes gold can drop to $2,500 per ounce at the beginning of the year as investors realize that a sharp rate cut isn’t coming. Then, as expectations become more reasonable, gold can rally up to $3,000 per troy ounce. Blanch’s commentary suggests that a buy-the-dip strategy may unfold at the start of 2025. Investors can choose to wait for that dip or use a [dollar-cost averaging](https://money.com/the-most-boring-way-to-become-a-millionaire/) method that allows them to consistently accumulate gold each month in increments. Dollar-cost averaging also serves as a valuable approach in case gold continues its strong rally to begin 2025. ## What Citibank thinks about gold Citibank has three-, six- and 12-month [forecasts](https://finance.yahoo.com/news/citi-stays-bullish-gold-hikes-212445537.html) that should make gold investors feel good about holding their precious metals. Citi Research raised its three-month forecast from $2,700 to $2,800. The financial institution also has a forecast of $3,000 per troy ounce for the next six to 12 months. That’s not the only precious metal Citibank recommends. The bank also raised its price target for [silver](https://money.com/how-to-invest-in-silver/) from $38 to $40 over the next six to 12 months. Citibank also established a $1,100 per troy ounce price target for [platinum](https://money.com/how-to-invest-in-platinum/) for the same time frame. ## What Wells Fargo thinks about gold Wells Fargo doesn’t believe gold will reach $3,000 per troy ounce at the end of the year. However, the bank’s $2,900 price target still implies 13% upside from current levels. While Wells Fargo’s price target isn’t as exciting as the other banks, it’s still higher than gold’s 10.2% annualized return over the past 20 years. It’s also higher than gold’s five-, 10- and 40-year returns. However, all of Wells Fargo’s price targets represent a dip from last year’s 33% return. ## What high price targets mean for gold investors These price targets from large financial institutions suggest that [gold prices](https://money.com/what-drives-the-price-of-gold/) will rally by more than 10% in 2025. Buying at current prices can help you lock in solid gains if the price of gold moves as analysts anticipate. Many investors look to analysts for advice, and some people make decisions based on what a few analysts say. Higher price targets are enough to start a new rally, and as gold gets closer to $3,000, analysts are likely to hike their price targets again. However, it is important to realize that price targets are merely estimates. Nonetheless, elevated price targets combined with gold’s long-term returns and its intrinsic value suggest that [gold investors](https://money.com/who-is-the-average-gold-investor/) can benefit from building their positions. Gold can fortify a diversified portfolio and serve as a hedge that helps weather inflation and global uncertainty. It can also get you closer to your long-term financial goals if it maintains double-digit, year-over-year returns for an extended period of time. ## Can you trust the analysts? Most big banks seem to agree that gold is destined to reach $3,000 by the end of 2025. While some institutions like Wells Fargo have price targets just below $3,000, many banks tend to raise their price targets as an asset gains more demand. For instance, Citibank raised its three-month forecast for gold after the precious metal broke past $2,700. As gold gets closer to price targets, analysts tend to raise them. Bank analysts do plenty of research leading up to their price targets. They analyze macroeconomics, historical performances, supply, demand and other factors that influence the price of gold. It’s their full-time job to conduct research and stay on top of assets. Granted, not every analyst is correct, and it’s good to do your own research before making an investment decision. However, analysts offer a good starting point, and many of them seem to agree that gold is set to rally in 2025. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Investing", "item": "https://money.com/investing/" }, { "@type": "ListItem", "position": 3, "name": "Gold", "item": "https://money.com/gold/" }, { "@type": "ListItem", "position": 4, "name": "Most Banks Expect Gold’s Bull Run to Carry into 2025" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/#webpage", "url": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/", "name": "Most Banks Expect Gold’s Bull Run to Carry into 2025", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-12-04T19:02:42.000Z", "mainEntity": { "@id": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/#breadcrumb" }, "dateModified": "2026-03-03T18:10:07.000Z" }, { "@type": "Article", "headline": "Most Banks Expect Gold’s Bull Run to Carry into 2025", "articleSection": "Investing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/12/Gold-Bull-Run-2025.jpg", "width": 1280, "height": 854, "caption": "Gold-Bull-Run-2025" } ], "author": [ { "@type": "Person", "name": "Marc Guberti", "url": "https://money.com/author/marc-guberti/", "@id": "https://money.com/author/marc-guberti/#author", "description": "Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations.", "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2024-12-04T19:02:42.000Z", "description": "Analysts at a handful of large financial institutions see a bullish environment for gold going into the new year.", "abstract": "Analysts at a handful of large financial institutions see a bullish environment for gold going into the new year.", "@id": "https://money.com/banks-expect-gold-bull-market-continue-in-2025/", "inLanguage": "en-US", "dateModified": "2026-03-03T18:10:07.000Z", "editor": [ { "@type": "Person", "name": "Jordan Chussler", "url": "https://money.com/author/jordan-chussler/", "@id": "https://money.com/author/jordan-chussler/#author", "description": "Jordan is an investment editor and CPFC who specializes in traditional equities, gold and other precious metals, retirement savings and income investing. 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