The gold price forecast 2025 drop theme in current macro models is supported by falling Commodity Research Bureau index readings, implying broad commodity softness ahead, which could spill over into bullion prices. “We should have had a bull run already,” Mow said, “like a massive run up. I think this cycle, if you want to call it a cycle, is delayed; it might push into next year." The gold price is predicted to rise to $4,000 per troy ounce by the middle of next year (up from $3,772 on September 24), Goldman Sachs Research analyst Lina Thomas writes in the team’s report. Their gold price forecast is driven by strong structural demand from central banks and easing from the US Federal Reserve (which supports ETF demand for gold).
