With Gold Prices Reaching Record Highs Above $3,000, What Comes Next?

Gold prices reached new record highs in March, breaking the $3,000 level for the first time ever. And now many people want to know which way gold prices will continue to move.

Will gold continue its run and keep climbing higher, to $3,500 or even $4,000 an ounce? Or will the gold price correct due to declining demand or increased profit-taking and drop back below $3,000 an ounce?

If you currently own gold or are looking to buy gold, you’re likely interested in knowing which way gold prices could move.

What Experts Are Saying About the Gold Price

In the near term, some analysts expect the gold price to hit $3,100 an ounce or even $3,150 an ounce. Key to that could be the impact of both inflation and tariffs on the gold price.

The more severe Trump decides to be on tariffs, or the worse inflation data gets, the higher the gold price could move. Conversely, if tariffs are delayed or muted, or if inflation cools, the less of an impact that might have on a rise in the gold price.

Other analysts are even more bullish, with analysts from UBS expecting gold to hit $3,200 an ounce and analysts from Macquarie claiming that gold could hit $3,500 by the third quarter of the year. Global trade conflicts and safe haven demand were cited as reasons for these potential price increases.

As the gold price continues to climb, analysts are constantly having to rethink their analysis. Goldman Sachs, for instance, which had initially targeted a year-end gold price of $2,890 an ounce, in late February revised its outlook for gold to $3,100 an ounce, a level that gold is approaching rapidly.

Bank of America analysts similarly have had to update their gold price prognostications, projecting an average gold price of $3,063 this year and up to $3,350 in 2026, up from its previous projections of $2,750 and $2,650 an ounce respectively. The bank also noted that if investment demand for gold were to rise by 10%, the gold price could hit $3,500 an ounce in two years.

French bank SocGen believes that gold could hit $3,300 in the fourth quarter of this year, and has even outlined a case for gold to hit $4,000 an ounce. So perhaps Goldman Sachs’ analysts may have to join their confreres at other banks in making upward revisions to their outlook for the gold price once again.

What Could Drive the Gold Price Higher

There are numerous reasons cited by analysts for potential increases in the price of gold, but three in particular stand out.

1. Central Bank Gold Demand

Central bank gold demand has run strong for several years, with record high gold prices in recent years only seeming to dampen demand slightly for gold.

From 2020 to 2024, central banks purchased a total of nearly 4,000 tonnes of gold, including a record 1,080 tonnes in 2022. In 2024 that amount decreased/increased to 1,045 tonnes. And so far this year, central banks have added another 18 tonnes to their gold holdings.

This is a far cry from 25+ years ago, when central banks enacted the Central Bank Gold Agreements to coordinate their gold sales, sales which today are minimal. Now that the gold price has risen so significantly since then, countries like the UK, which famously sold half of its gold holdings at a time when gold prices were historically low, are probably kicking themselves for their lack of foresight.

2. Potential for Trade Conflict

Whether you like tariffs or not, we can all agree that Trump’s tariffs have shaken up international trade. And with the full effect of tariffs still to be felt, plus the possibility of even more tariffs in the future, there is a great deal of uncertainty surrounding trade.

As UBS’ analysts pointed out, trade conflict could drive the gold price higher. The possibility of trade wars, recession, or other economic conflict could impact gold.

Gold, like other commodities, could also become subject to tariffs, thus raising the price of cross-border gold flows. That could make gold more expensive to buy, not just across borders, but domestically as well.

3. Safe Haven Demand

Gold has served as a safe haven for centuries, acting as a harbor during times of financial uncertainty and economic turmoil. And safe haven demand remains a driver of gold prices today.

Whether it’s gold coins, gold bars, or gold ETFs, individuals around the world continue to buy gold, even as prices push ever higher. And, as Bank of America analysts pointed out, if that demand continues to climb, gold prices could climb as well.

Can Gold Work for You?

If you’ve been following gold prices for the past few years, you’ve probably noticed that gold has hit several record highs in recent years. In 2020, gold hit a record high of $1,931, and it has only continued to rise since then.

If you bought gold years ago and still own it, you’re probably thanking your lucky stars that you had the foresight to buy gold while it was still relatively cheap. But if you’ve been looking at gold prices and haven’t bought gold, you’re probably wishing you still had while it was cheap.

But the thing is, it’s never too late to buy gold. If gold performs as well as analysts expect it to, even buying gold today could end up benefiting you. And who’s to say that gold won’t continue climbing?

20 years ago, the gold price was at $425 an ounce, and 10 years ago it was at $1,200 an ounce. Today, it’s at over $3,000 an ounce. If you have 10 or 20 years or even more to benefit from gold price growth, maybe you want to start taking a look at gold.

Adding gold to your asset portfolio doesn’t have to be difficult. You can always acquire gold coins or gold bars through direct cash purchases.

But did you know that you can also use the assets in your tax-advantaged retirement accounts to purchase gold? You can roll over or transfer those assets into a gold IRA, allowing you to hold an IRA that both owns physical gold coins or gold bars and benefits from the same tax-advantaged treatment as any other IRA account.

Gold IRAs can be part of a multi-tiered approach to helping safeguard your financial assets, helping you to benefit from owning a safe haven asset, diversifying your portfolio, and potentially benefiting from any future growth in the gold price.

No matter how you choose to buy gold, Goldco can help. We’ve worked with thousands of customers to place over $3 billion in precious metals, and our commitment to quality products and exemplary customer service has garnered us thousands of 5-star reviews.

If gold ends up pushing to $3,200, $3,500, or even $4,000 or more, don’t let yourself get left standing enviously on the sidelines. Call Goldco today to learn more about how you can get into the gold game.