Gold has been, and remains, for centuries a proven security in times of uncertainty, and its rapid growth only confirms that it remains an unshakable pillar of asset protection today. Growing interest from investors and experts alike only underscores the fact that in times of economic turbulence, inflation and geopolitical upheaval, gold is a safe way to preserve and appreciate wealth.

From a starting price of USD 2,650 in January, gold climbed 13% to USD 3,000 per troy ounce by March. It then rocketed to USD 3,300 in April, only to hit the USD 3,500 mark in the same month, pushing its growth rate to date to 30%. With such a steep rate of growth for the precious metal, it is perfectly legitimate to ask: "Where will gold go next on its journey?"

 

 

Experts are significantly raising their estimates of future developments

The current gold price is hovering at USD 3,400 and major global banks are reassessing their forecasts. Saxo Bank, for example, has raised its outlook from USD 3,300 to USD 3,500 per troy ounce. However, gold is already approaching this level again and it is therefore not impossible that Saxo Bank will revise its forecast again.

Another banking giant, JP Morgan, expects gold to surpass USD 4,000 per troy ounce in the coming year. By the end of this year's fourth quarter, the bank expects the price to average USD 3,675 per ounce, and it expects gold to go above the next USD 1,000 by the second quarter of 2026. Prices are being pushed up mainly by the increased likelihood of an economic recession due to increased US tariffs and the ongoing trade war between the US and China.

Goldman Sachs also contributed to the price debate in early April. It raised its forecast from USD 3,300 to USD 3,700 per troy ounce, adding that in an extreme scenario the precious metal could climb to USD 4,500 per ounce by the end of this year.

 

Gold price forecast in 2025

 

4 drivers of precious metal

The increased likelihood of an economic recession as a result of imposed US tariffs and ongoing trade wars is not the only engine driving gold's rise. In a report by Saxo Bank, the bank's chief commodity strategist Ole Hansen lists four other factors that are more or less responsible for the meteoric rise in the price of the yellow metal.

US Fed interest rate expectations: The possibility of a 75-100 basis point cut is currently being worked on. Lower interest rates also reduce the opportunity cost of holding gold, and thus support its price (in other words, lower interest rates may make gold more attractive to investors looking for alternatives to earn returns).

Rising inflation expectations in the US: Investors hide in the safe haven precious metal when they want to hedge against inflation. As inflation expectations rise, the real yield on fixed income assets falls, increasing the relative attractiveness of gold.

Geopolitical risk: global instability tends to push investors towards safe-haven assets. The recent correlation between defence stocks and gold suggests that investors seek safety in gold when geopolitical tensions (conflicts, wars or diplomatic tensions) increase.

Central bank demand: A growing number of central banks are diversifying their reserves away from the US dollar and often turn to gold as a neutral reserve asset. In the last three years to 2024, central banks have purchased more than 1,000 tonnes of gold in each year, and this process is expected to continue in 2025.

 

Is now the time to buy gold?

The answer depends on your financial goals, your attitude to risk and your willingness to protect your savings from today's uncertainties. Looking at the long-term trend of the gold price, it is clear that it is unlikely to get significantly cheaper.

History clearly shows that gold maintains a steady rise and often even appreciates sharply in times of uncertainty or market turbulence. While its value may fluctuate in the short term, in the context of the current situation there is little chance of a major fall in its price.

You don't have to buy gold all at once - with a strategy of regular purchases and the price averaging effect, you can invest profitably regardless of the current market price. The key is to decide to start and build up a gold reserve that you can increase at any time with emergency deposits, for example, during price corrections. The iiplan^® savings programs give you maximum flexibility - you can adjust, increase and discontinue your investments. In addition, the state-of-the-art iiplanGold^®, iiplanRentier^® and iiplanMax^® products allow you to enter a withdrawal at any time or use the gold in your account for payments. You are thus free to optimise your gold reserves according to your needs and investment plans.

IBIS InGold customers using iiplan^® savings programs have made a total profit of CZK 6,439,454,138 (nearly CZK 6.5 billion – EUR 260 million!) as of 28 February 2025.

So don't wait for an "ideal moment" that may never come - it's more important to start investing as soon as possible and gradually expand your gold reserve. Investing regularly minimises the risk of bad timing and allows you to benefit from the long-term rise in the gold price.

The flexibility of the iiplan^® programs gives you complete freedom to make decisions and manage your gold investments. Use the full potential of gold to your advantage.Your decision to invest in gold can be the start of a new chapter in your financial stability.