$PAXG (PAX Gold)
Goldman sees gold topping $4,000 an ounce by mid-2026
China has seen a surge in gold trading volumes on the Shanghai Futures Exchange as Sino-U.S. trade tensions rise, with investors seeking safety amid a potential new trade war. This buying frenzy has pushed prices to a premium over international prices.
Gold hit a new record high on April 16, as the Trump administration pressed ahead with probes that could broaden the U.S.’s sweeping trade war. The precious metal has rallied by more than a fifth this year as the worsening trade war has damped prospects for global growth, eroded trust in usually safe U.S. assets and roiled financial markets.
Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025. Goldman analysts, including Lina Thomas, now see gold rallying to $3,700 an ounce by the end of this year, with prices set to hit $4,000 an ounce by mid-2026, while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025.
