Gold Prices Forecasted to Reach $7,000: Here’s When

Gold prices steadily climbed up in the indices in April and breached the $3,000 an ounce mark on Wednesday. The precious metal is glittering all the way up in the charts delivering stellar returns to investors. The XAU/USD chart hit a new all-time high of $2,304 in the day’s trade and dipped slightly on Thursday.

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Now that gold prices are near the $3,000 mark as accurately predicted previously, how high can it go from here? In this article, we will provide a new price prediction on when gold prices might hit the $7,000 mark in the charts next.

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Gold Prices Will Reach $7,000: Here’s The Timeline

Bloomberg’s Senior Commodity Strategist Mike McGlone accurately predicted that gold prices will hit $3,000 in 2024. You can read the prediction here. He predicted that the precious metal would reach the mark way back in mid-2023. At that time, the price of gold was hovering around the $1,815 range. The price of the precious metal surged approximately 65% since then reaching the target of $3,000.

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McGlone has also predicted that after breaching the $3,000 mark, gold prices could hit the $7,000 threshold. He made the bold prediction in 2023 saying that the markets need to expect the return of Quantitative Easing (QE), which according to him favors gold more than the US dollar and the stock market.

The Commodity Strategist predicted that gold prices could reach the $7,000 mark next year in 2025. That’s a robust increase of 135% from its current price of $3,000. The return on investment (ROI) from 2024 to 2025 in the precious metal could be phenomenal if the forecast turns accurate.

In conclusion, gold is the most favored form of investment as both retail and institutional investors are flocking towards it. Another leg-up will make the asset the top most performing commodity of the year.