Goldman pushes back $3 000 gold forecast on fewer US rate cuts

Goldman Sachs Group said it no longer sees gold reaching $3 000 an ounce by the end of the year, pushing the forecast to mid-2026 on expectations the Federal Reserve will make fewer rate cuts.

Slower monetary easing in 2025 is set to crimp demand for bullion-backed exchange-traded funds, causing analysts including Lina Thomas and Daan Struyven to project prices will hit $2 910 an ounce by year-end. Weaker-than-expected ETF flows in December — driven by easing uncertainty after the US election — also contributed to a lower starting point for pricing into the new year, they wrote in a note.