Trade uncertainty and monetary policy drive gold and silver in 2025. Goldman Sachs predicts that gold will continue its upward trajectory. Silver will follow this trend.
The tariff uncertainty unleashed by US President Donald Trump continues to trigger a series of reactions in financial markets. Protectionist measures affecting countries such as China, Mexico, and Canada have raised fears of a possible global economic slowdown, prompting investors to seek refuge in assets considered safe, such as gold and silver.
In the case of gold, it recently reached historic highs in 2024, exceeding US$2,900 per ounce, driven by growing demand for a safe haven amid economic uncertainty. So far this year, it has risen 11.5%, and several analysts predict that it will exceed US$3,000 this year.
Among them are Goldman Sachs (GS), which last week raised its forecast for the price of gold, projecting an 8% increase to US$3,100 per ounce by the end of 2025, driven mainly by increased demand from central banks.
According to analyst Lina Thomas' report, this trend is due to increased purchases of gold reserves by financial institutions, especially since the freezing of Russian central bank assets in 2022. In addition, the Federal Reserve's expected interest rate cut would make gold more attractive compared to bonds.
However, the report notes that speculation in the futures markets could put downward pressure on prices, as many investors have accumulated long positions in gold due to the uncertainty generated by the Trump administration's policies.
Even so, Goldman Sachs warns that factors such as fears of high government debt or geopolitical risks could push the price of gold up to US$3,300.