He gold price recently reached a new all-time high, after having reached the barrier of $4,000 per ounce, which has revived expectations among analysts and investors about how far this asset could climb in the coming months.
This record responds to a combination of structural and cyclical factors that are driving projections towards even bolder levels for the coming months and years.
According to ‘Bloomberg Línea’, December 2025 futures contract hit a peak of $4,009, symbolizing investors’ new threshold.
(You can read: Gold price continues with historical highs: what is the reason for its behavior).
Gold price
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The rise is not seen as something temporary, because “current trend is supported by unprecedented structural demand“, according to analysts cited by the economic media, pointing out the role of massive purchases by central banks, record flows towards ETFs and de-dollarization strategies among emerging economies.
This hit to the $4,000 ceiling is not an isolated phenomenon, as in recent months, significant inflows have been observed into gold exchange traded funds (ETFs)and central banks have continued to actively purchase the metal as a reserve diversification tool.
Lofty Projections: How Far Could Gold Go?
Faced with this record, several financial institutions have raised their estimates for the price of gold. The most striking comes from Goldman Sachs, which now expects the metal to reach US$4,900 per ounce by December 2026, up from a previous forecast of US$4,300.
According to analysts cited by Bloomberg Línea, the main reason for this adjustment is that “private sector diversification into the relatively small gold market could boost ETF holdings above what interest rates implyAlong the same lines, they warn that the risks continue to be biased upwards.
(Further: ANM will present the terms package for copper, gold and polymetallic mining round).
gold price
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For its part, UBS analyzes that the gold rally can be maintained thanks to three key axes: negative real rates, strong institutional demand and the growing role of gold as a refuge against global volatility.
In its reports, UBS projects prices around US$4,200 in the short term, based on its macroeconomic scenario and investment flow into precious metals.
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