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Gold retreats from record as Goldman floats small chance of $4,500 finish for 2025


While gold prices were easing back from record levels on Monday, Wall Street banks keep bumping up their targets for the commodity that has soared 22% this year.

Goldman Sachs has lifted its 2025 target to $3,700 an ounce from $3,300, attributing that to stronger-than-expected central bank demand and increased exchange-traded fund inflows on recession risks. Strategists see gold reaching $4,000 by June 2026.

In the same note that published late Friday, Goldman flagged one "very low probability event" of gold nearing $4,500 an ounce by end 2025. That would require investor confidence wane in the Fed, or changes to U.S. reserve policy, triggering a sharp rise to central bank demand for gold, strategists said.

UBS strategists boosted their gold forecast to $3,500 an ounce from $3,200 for the end of 2025, saying investor positions in gold are not that crowded. UBS said its bullish case sees gold at $4,000 an ounce in at the end of 2026.

Gold prices slipped modestly on Monday to $3,240.80 an ounce after the most-active June contract climbed $67.10, or 2.1% to $3,244.6 on Friday, a new record based on data back to 1975.


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