A new poll by the London Bullion Market Association (LBMA) shows that metals analysts are growing more bullish on gold for the remainder of this year, forecasting 15% higher prices on average.
The results published this week contained upgrades from a portion of analysts featured in LBMA’s annual survey, which it released in January. In that survey, some 29 analysts predicted an average gold price of $2,735.33/oz. for 2025, with none suggesting above $3,000.
Since the survey’s publication, gold prices have soared as global trade tensions and geopolitical uncertainty took hold of the market. In April, the yellow metal touched an all-time high of $3,500 as investors sought refuge in safe havens.
According to LBMA data, the benchmark gold price in London averaged $3,070.86 during the first half of 2025, divided into $2,862 for Q1 and $3,279 in Q2, when US President Donald Trump announced his sweeping tariffs.
The LBMA says a majority of responding analysts suggested that, despite geopolitics being a key driver, the market is likely to pay more attention to US monetary policy, particularly the budget deficit and dollar weakness.
As such, 13 of the analysts have upgraded their forecasts for gold, with an average price of $3,324.40 through the end of 2025, which is some 27.3% above last year’s year-end price.
Opinions were, however, divided as to how high gold prices could go, with $4,000 being the highest forecast and a fraction less than $3,500 being the lowest, the LBMA poll showed. A significant number of analysts thought the price might actually be fading at year-end, with five from the 13 suggesting a December price of $3,200 or below.
