Geopolitical uncertainty raises market concerns, Goldman Sachs and Bank of America announce gold price targets.

According to Gate News bot, Reuters reported that American banks expect gold prices to rise to $4000 per ounce in the next 12 months, an increase of over 17% from current levels. Meanwhile, Goldman Sachs expects that driven by strong demand from Central Banks, gold prices will soar to $3700 per ounce by the end of this year. The company also anticipates that by June 2026, gold prices will soar to $4000 per ounce.

Gold has risen about 30% so far this year, but the current price of gold has slightly retreated compared to the historical high of $3,500 reached in April.

Daniel Pavilonis, a senior market strategist at brokerage firm RJO Futures, told Reuters that concerns over escalating conflicts in the Middle East are pushing up gold prices.

Israel’s strike on Iranian targets has triggered some geopolitical panic in the market. Due to expectations that Iran will take retaliatory action, oil prices will continue to remain high.

Last Friday, Israel launched airstrikes against Iran, resulting in the deaths of several senior military personnel in Iran and the destruction of strategic military targets. After the outbreak of the conflict, gold prices surged at one point but retraced most of their gains on Monday.