The Golden Feast Continues! Goldman Raises Long-Term Gold Price Forecast, Remains Bullish on Gold Stocks  

As gold prices continue to climb, Goldman Sachs updated its outlook for the 2025 gold stock market during US Eastern Time on Thursday, raising its long-term gold price expectations.  

 

 

Goldman also emphasized that medium and large gold mining companies in the Australian and US markets hold significant investment potential, likely to outperform gold commodity prices.  

Goldman Raises Gold Price Forecast  

In Thursday’s report, Goldman increased its long-term gold price forecast (2029 and beyond) to $3,300 per ounce, up from the previous $2,850 per ounce.  

 

The firm’s global commodities team “remains bullish on gold” and noted that gold prices could reach $4,000 per ounce by mid-2026, with extreme scenarios potentially nearing the $5,000 mark.  

 

Analysts pointed out that this adjustment follows “the sustained upward momentum in gold prices and stocks.” As of press time, COMEX gold prices stand at approximately $3,688.40 per ounce, reflecting a near 39% year-to-date increase.  

Gold Stocks Poised to Outperform Commodities  

On stock preferences, Goldman indicated that for mid-tier gold mining companies—such as Australia’s Capricorn Metals Ltd (CMM), Westgold Resources Ltd (WGX), and US-listed Blue Gold (BGL) and Pentair PLC (PNR)—the risk/reward ratio remains favorable.

 

For large US-listed firms like Northern Star Resources Ltd (NS), the investment risk/reward profile is particularly attractive.  

 

Analysts simulated two gold price scenarios: a 20% pullback to around $2,800 per ounce, or a rise to $4,500 per ounce.  

 

In both cases, Goldman believes “CMM, NST, PNR, and BGL remain relatively undervalued compared to peers, while WGX stands out especially in a rising gold price environment.”  

 

Goldman further stressed that the expansion of profit margins among gold mining firms is a key driver behind the sector’s stocks outperforming gold itself.  

 

“We still expect this gold stock cycle to continue, with profit margin expansion likely to keep gold stocks outperforming the commodity market through the end of 2025,” Goldman stated.  

 

The firm added that this trend has doubled the market capitalization of gold stocks on the Australian market over the past year, from about AUD 70 billion to AUD 135 billion, while the market cap of major global gold producers has risen from $135 billion to $270 billion.