Gold prices are set for a steady rise over the upcoming months due to inflation, a weakening US dollar, and a tense geopolitical climate, global forecasts showed. 

With gold reaching a historic high of USD 3,595 per ounce in 2025, analysts expect the bullish trend to continue, though short-term fluctuations are still likely if monetary policies change and geopolitical tensions ease. 

- Gold as a safe-haven asset -

Global inflation is projected to exceed 5 percent in the final quarter of 2025, boosting demand for gold as a safe-haven asset during economic downturns.

Likewise, ongoing conflicts in the Middle East and Eastern Europe, combined with trade frictions between the US and China, are driving investors towards gold to guard their wealth. 

Continued central bank purchases, particularly from China and India, are further-pushing gold prices higher, with total buying possibly reaching 900 tons in 2025, according to the World Gold Council. 

Additionally, as the US dollar weakens under monetary easing policies, gold tends to rise inversely since it is priced in US dollars. 

Read more: World Gold Council launches new digital gold initiative

- Market analysis and short-term outlook -

In the short term, FXStreet reports that gold is expected to stabilize around USD 3,550 per ounce in September 2025, with potential to approach USD 3,600 if pressure on the dollar persists.

However, resistance is expected at USD 3,900, with support levels at USD 2,530–2,500 in case of a downward correction.

Analysts note that the upcoming US Nonfarm Payrolls report for August could influence market direction.

- Expert forecasts -

Goldman Sachs: Projects gold could reach USD 3,700 by the end of 2025, with potential to rise to USD 3,880 in case of an economic recession.

CoinCodex: Expects volatility in the first half of 2026, with prices ranging between USD 3,153.36 and USD 3,833.54, settling around USD 3,479.12 by year-end.

InvestingHaven: Maintains a bullish outlook, predicting gold could reach USD 3,500–3,800 in 2025, supported by long-term bullish chart patterns.