Commodity market veterans view the gold price forecast 2025 trend as structurally bullish, citing record-low gold-to-silver ratio levels, often preceding multi-month rallies. ‘The most obvious target for bulls is 3,996-4,000 area’ , notes Kar Yong Ang. ‘However, a failure to hold above 3,890 may prompt a sell-off towards the 3,856-3,840 zone, a break below which would open the way towards 3,705’ . Central banks purchased less gold in July than in an average month this year, according to Goldman Sachs Research’s nowcast of central bank activity. Central banks have purchased 64 tonnes of gold per month this year, which is below Goldman Sachs Research’s forecast of 80 tonnes per month. Institutional traders watching the gold price forecast 2025 trend cite sustained low real yields as bullish. Yield curve projections and historical analysis point to strong gold performance when US 10-year real yield falls below 1%.