Goldman Sachs raised its end-of-2025 gold price forecast to $3,300 an ounce from $3,100 an ounce, and adjusted its forecast range to $3250-3,520 an ounce. Medium-term gold price risk remains skewed to the upside, and under the tail risk scenario, gold prices could exceed $4,200 an ounce by the end of 2025. Buyers from large Asian central banks are likely to continue buying gold rapidly over the next three to six years to reach the estimated target range for potential gold reserves.