LBMA Analysts Forecast 15.49% Increase in Average Gold Price Through 2025

Mon July 14 2025

A group of 13 professional analysts, recently polled by LBMA, have upgraded their forecasts for the average price of gold through 2025 by almost 15.5%.

In LBMA’s Annual Precious Metals Forecast Survey, published at the end of January, some 29 analysts predicted an average 2025 price for gold of US$2,735.33 with none suggesting an average of above US$3,000. However, the smaller subset has extensively revised this prediction to US$3,159 (a 15.49% increase) with none suggesting a whole-year average of under US$3,000, and the most bullish suggesting US$3,350.

Through the first half of the year, the LBMA London Gold Price recorded an average of US$3,070.86, which divided into US$2,862.56 for Q1, and US$3,279 in Q2 as the import tariffs being proposed, in some cases implemented, by President Trump met the major geopolitical disruptions in Gaza, Iran, and Ukraine. That said, the majority of responding analysts suggested that while geopolitics is a key driver of the gold market, the markets are likely to pay more attention, in the near term, to US monetary policy in general, and the US budget deficit and dollar weakness, in particular.

Looking ahead through the second half of 2025, the average analyst forecast for the end-year price of gold was US$3,324.40 (some 27.3% above the end-2024 price), while no one suggested a price below that recorded on the first dealing day of this year (US$2,644.60). Opinions were, however, divided as to the gold price high of the year with US$4,000 being the highest and a fraction less than US$3,500 being the lowest (the current record LBMA London gold price is US$3,454.70 achieved at the Tuesday, 22 April a.m. auction). 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 US$3,200 or below.

Finally, the prize for honesty must be awarded to one analyst whose answer to the question, “What are your current expectations for the 2025 average gold price?” was “Who knows?”

Source: https://www.lbma.org.uk/