Wall Street "Gold prices continue to rise next year...$3,000 per ounce forecast"

With gold prices rising steeply this year, Wall Street Journal reported that Wall Street is predicting that it will continue to rise high next year.

The newspaper said JPMorgan and Goldman Sachs have offered a target price of $3,000 per ounce for gold in 2025, ranking them as the most promising assets for investment among precious metal raw materials.

International gold prices rose to the $2,800-an-ounce mark in October and began adjusting after Trump's election, but they rose about 27% this year, outpacing the 25% increase in the S&P 500 index.

Major Wall Street investment banks' general observation is that gold price growth this year is expected to hit its highest level since 2010, and that it will continue to rise in the mid-10% range next year.

The JPMorgan report said gold is still well positioned as a hedge asset, citing increased uncertainty surrounding the macroeconomic environment in the early days of the Trump administration in 2025.

It also predicted that as the war between the Middle East and Ukraine continues and the U.S.-China conflict intensifies, demand for gold for safe investment assets will continue.