Gold Price Hits Record $3,600 in September 2025 — Analysts Predict $4,000 by 2026
Driven by growing expectations of lower interest rates in the United States, gold surged past the symbolic threshold of USD 3,600 per ounce for the first time in September 2025, reinforcing its role as a safe-haven asset in a turbulent global economy.
Swiss bank UBS has revised its forecast upward, now projecting gold to reach USD 3,800 per ounce by the end of 2025, compared with its earlier target of USD 3,500. Goldman Sachs, slightly more conservative, forecasts a price of USD 3,700 over the same period.
Looking further ahead, UBS expects gold to climb to USD 3,900 per ounce by mid-2026, while Goldman Sachs foresees an even stronger rally to USD 4,000.
Australia’s ANZ Group has echoed these predictions, targeting USD 3,800 in late 2025 and USD 4,000 by June 2026.
These bullish outlooks largely hinge on anticipated decisions by the US Federal Reserve (Fed). Interest rate cuts generally make gold more attractive, particularly as they tend to weaken the US dollar.
Other supporting factors include strong central bank purchases and persistent geopolitical tensions, both of which have kept demand for gold robust.
According to the World Gold Council, gold prices have already gained more than 35% since January 2025, reaching USD 3,643 per ounce on September 14.
The Fed is expected to announce its latest economic guidance at its meeting on September 16–17, which could further shape the trajectory of precious metals.
Gold is not the only metal benefiting from this favorable environment. Silver broke through USD 40 per ounce for the first time since 2011, outperforming gold on a year-to-date basis.
