(Reuters) -ANZ on Thursday forecast gold would reach $4,400 per ounce by the end of 2025, driven by mounting geopolitical, economic, and financial uncertainties alongside expectations of Federal Reserve monetary easing.

ANZ anticipates gold will peak near $4,600 per ounce by June 2026, followed by a gradual decline in the second half of 2026 as the Federal Reserve concludes its easing cycle and clarity emerges on U.S. economic growth and trade tariff policies.

However, the bank flagged potential downside risks, including a more hawkish Fed stance and unexpected economic growth.

"With returns exceeding 60% to $4,200/oz so far this year, the rally still looks strong and shows no signs of losing momentum. We do not see any near-term trigger that could reverse the current uptrend, though a healthy correction is possible," ANZ said.

Gold prices scaled another record high at $4,241.77 on Thursday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure. [GOL/]

UBS, meanwhile, highlighted the potential for declining real interest rates, possibly into negative territory, which it believes could further enhance gold's portfolio appeal. The investment bank sees gold rising towards its upside case of $4,700 per ounce.

Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce):

Brokerage/Age Annual Price Forecasts Price Targets  Forecast

ncy as of

  2025 2026  

ANZ $3,494 $4,445 $4,400 by October

year-end and 16, 2025

$4,600 by June

2026

Bank of $3,352 $4,438 2026 gold October

America outlook raised 13, 2025

to $5,000

Societe - - $5000 by the October

Generale end of 2026 13, 2025

Standard - $4,488 October

Chartered 13, 2025

Goldman $3,400 $4,525 $4,900 by October

Sachs  December 2026 7, 2025

Commerzbank* $4,000 - $4,200 by the October

end of next 7, 2025

year

HSBC $3,355 $3,950 Raises 2027 October

average price 3, 2025

forecast to

$3,600(from

$2,925) and

introduces a

2028 forecast

of $3,330

Deutsche Bank $3,291 $4,000 $4,300 by Septembe

Q4-2026 r 17,

2025

UBS - - Decline in October

real rates, 16, 2025

potentially

into negative

territory

could push

gold towards

$4,700

Citi Research $3,400 $3,250 - Septembe

r 29,

2025

*end-of-period forecasts