When will the ounce of gold reach $3,000?

(Boursier.com) — After a very good run and historic records, can gold continue to rise? Yes, according to Goldman Sachs, which is nevertheless lowering its expectations for the precious metal. The American bank estimates in a note published Monday that the ounce will only reach the price of 3,000 dollars in the second quarter of 2026, compared to a forecast for December 2025 previously.

“Our US economists now expect 75 basis points of rate cuts in 2025 (compared to 100 basis points previously expected) with a slightly higher terminal rate, from 3.5% to 3.75%. This would translate by a slowdown in the pace of gold purchases by ETFs (listed funds), which takes us further away from achieving our objective of $3,000 per ounce of gold,” said the bank said in a note published on Sunday.

Record in October

By the second quarter of 2026, gold is expected to increase by 14%, explains Goldman Sachs. It reached a record high of $2,790.15 an ounce in October, before falling more than 5%. It is trading around $2,645 on Monday.

The 2024 results were very positive, with a surge fueled by rate cuts in the United States, persistent geopolitical risks and a wave of purchases by central banks. But gold suffered a blow of fatigue towards the end, weighed down after Donald Trump’s landslide victory in the US presidential election in November.