Gold is forecasted to climb to a record high of US$2,917.40 per ounce by late October 2025, according to a survey conducted at the London Bullion Market Association (LBMA) event in Miami. This represents a 10% increase from current levels, with predictions based on input from traders, refiners, and miners at the annual gathering.
Gold has been one of the top-performing commodities of 2024, benefitting from its reputation as a safe-haven asset and increased central bank buying. The precious metal hit a peak above US$2,685 last month, fueled by the Federal Reserve’s shift to rate cuts, which typically benefits non-yielding assets like gold in a lower-rate environment.
The LBMA survey also highlighted expectations for other precious metals, predicting that silver will surge by over 40% to reach US$45 an ounce over the next year. As investors look ahead to the upcoming US presidential election, uncertainty continues to bolster the demand for gold as a wealth safeguard.
Spot gold was trading at US$2,674.79 per ounce on Wednesday morning in London, up 0.5%.
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