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Analysts across Wall Street are again ratcheting up their price targets on %Gold.

Strategists at investment bank %GoldmanSachs (NYSE: $GS ) and Swiss lender UBS (NYSE: $UBS ) have lifted their year-end targets for gold’s price amid signs of rising demand for the precious metal.

UBS has increased its year-end gold price target to $2,900 U.S. from $2,800 U.S. previously, saying, “everyone seems to be on the same side of the trade” when it comes to gold bullion.

Separately, Goldman Sachs has hiked its year-end target price for gold to $3,100 U.S. from $2,890 U.S. on expectations for continued buying among central banks around the world.

The bullish price targets come as gold rises 1% to trade at $2,930.70 U.S. an ounce. So far in 2025, gold has risen 10%, outperforming U.S. stocks, bonds, and many currencies.

Analysts agree that gold’s price is rising amid ongoing macroeconomic uncertainty and geopolitical turmoil.

Currently, gold is being purchased at record levels both by retail investors and central banks around the world as global instability spikes.

At retail outlets such as %Costco (NASDAQ: $COST ), gold bars continue to sellout as soon as they are in stock.

UBS says central bank buying of gold alone will continue driving prices higher this year.

Analysts at Goldman Sachs share UBS’ bullish sentiment, saying that central bank demand should add 9% to gold’s price by the end of this year.

Goldman Sachs adds that if policy uncertainty remains high, gold’s price could reach $3,300 U.S. by year’s end.