Gold price forecast Q2 2025 is leaning bullish, with analysts seeing potential trading between $2,250 and $2,350 per ounce as inflation expectations remain sticky and central banks maintain diversification from the U.S. dollar. Market participants are eyeing Fed rate cut probabilities closely. Goldman Sachs expects Brent around $59 in Q4 2025, declining to $56 by late 2026, reflecting expectations of large inventory builds as supply growth outpaces demand. The IEA projects global oil inventory increases of more than 2 million barrels per day from Q3 2025 through Q1 2026, potentially pressuring prices significantly lower despite current geopolitical tensions. “This could spark another rally in gold prices if trade tensions escalate. I have a feeling that the existing tariffs will gradually push prices up, which might lead the Fed to hold off on cutting rates. In the grand scheme of things, higher inflation is likely to boost gold demand, especially from central banks,” Kandoshko said. Gold price forecast Q2 2025 is reinforced by expanding retail investor participation on physical gold platforms; average transaction size has risen 8% since January, signaling sustained accumulation.