The major bank has revised its gold forecast.

Goldman Sachs has extended its gold forecast to $3,000 by the end of the year due to expectations that the U.S. Federal Reserve (Fed) will make fewer interest rate cuts in 2025.

Goldman stated that it no longer expects gold to reach $3,000 per ounce by the end of the year, and has postponed its forecast to mid-2026 due to expectations of fewer interest rate cuts by the Fed.

Goldman's economists expect the Fed to make a 75 basis point interest rate cut this year, which is lower than the previous outlook of 100 basis points.

Analysts predict that gold will reach $2,910 per ounce by the end of the year. Gold is currently trading at $2,640, slightly up in the Asian markets today.