Currently, the precious metals market is very hot, with gold breaking through $4,400 and silver approaching $70. Looking ahead to 2025, gold will definitely be a star performer in the capital markets, with an astonishing rate of increase.

But the question is—will this momentum continue into next year? Let’s see what major institutions have to say.

**Why has gold surged so strongly this year?**

This is not unfounded; there are four forces driving it:

First, global central banks are疯狂囤金. To diversify risks and allocate assets, central banks around the world are continuously buying gold, providing a solid support level for gold prices.

Second, gold ETFs are starting to吸金. Investment enthusiasm is warming up, and funds are flowing back into gold funds, pushing prices higher.

Additionally, the Federal Reserve has initiated a rate cut cycle. Lower interest rates mean reduced opportunity costs for holding gold, which is very favorable for gold prices.

Finally, the US dollar is not as strong as before. The dollar’s creditworthiness is being questioned, and its exchange rate performance is weak, which in turn enhances gold’s appeal as a safe-haven asset.

**Will these four factors continue to influence the market next year?**

The consensus is: yes. These supporting factors are unlikely to disappear in 2026, so the long-term outlook for gold remains positive.

**What do institutions say about specific prices?**

Judgments vary. JPMorgan expects the average price in Q4 2026 to reach $5,055, and if there is a structural adjustment in capital allocation, it could even surge to $6,000. Goldman Sachs’s baseline target is still under evaluation, but the overall tone is also optimistic.

Ultimately, the overall trend in the precious metals market does not show signs of reversing yet; the specific path and destination, however, do vary among different institutions.