Gold is reaching all-time records and is expected to get to $3,700 per ounce

The price of gold has shown all-time records in the last months, reaching a maximum of $3,422.72 on April 21, 2025 - and it may go even higher. The most recent Goldman Sachs forecast estimates that the commodity could reach $3,700 per troy ounce (toz) by the end of the year. This is a 12% increase from the previous estimate of $3,300, presented in February. According to the estimations, the prices could range from $3,650 to $3,950.

The reason for this price increase is a higher demand from central banks and recession risks that are driven by higher exchange-traded fund (ETF) inflows, according to the bank. Precisely, in case of a recession, the ounce could quote up to $3,880 per ounce, reaching the upper-limit scenario.

The other scenario presented by the bank is “if growth surprises to the upside on reduced policy uncertainty, ETF flows would likely revert to our rates-based predictions, with year-end prices closer to $3,550/toz."

Gold has reached peaks in the last weeks, following the tariffs imposed by the Trump administration, which has led to an increasing demand for the safe-haven commodity.

Different banks have also updated the price forecasts, such as the Swiss bank UBS, which is expecting $3,500/toz by the end of the year, increasing from the previous estimation of $3,200/toz.

The raise in demand has come from central banks and private investors. However, the impact can be felt in the tech industry, as this metal is used in components such as processors, printed circuits or connectors because of its high conductivity and its durability (does not oxidize as copper does). 

Each year, the tech and electronics industry consumes around 320 tons of this metal, and has shown an increase in demand in previous years, according to data from the World Gold Council. 

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