PUBLISHED : 22 Nov 2025 at 05:03
MTS Gold Group expects global gold prices to continue their upward trajectory next year, potentially trading between US$4,400 and $4,500 an ounce, driven by persistent geopolitical and economic uncertainties as well as strong central bank buying.
The gold trader anticipates bullion to reach $4,380 an ounce by the end of 2025 after the price eased from an all-time high of $4,379.13 in mid-October. Local prices are estimated at 67,000-68,000 baht per baht-weight, said chief operating officer Keeradit Hirunyasiri.
For the year-to-date, gold prices have risen by 52%.
The outlook remains firmly bullish as international tensions keep safe haven demand strong. The key catalyst is ongoing trade negotiations between the US and China, he said.
“If there is no meaningful progress, gold prices will have room to rise further,” said Mr Keeradit.
A range of factors are underpinning the anticipated price momentum, with the trend of de-dollarisation seeing several countries reduce reliance on the dollar in international reserves and transactions. This long-term structural shift continues to lend support to gold as an alternative store of value, he said.
Another driver is the likelihood the US Federal Reserve will delay interest rate cuts.
“With rates expected to stay higher for longer, global investors are increasingly turning to gold as a hedge against prolonged monetary tightening and economic volatility,” said Mr Keeradit.
Central bank buying is one of the strongest supporting factors, as reserve managers across emerging and developed economies continue to add gold to their portfolios.
Concerns over a renewed trade conflict are fuelling risk aversion, prompting flows into safe haven assets, according to MTS.
Global economic uncertainty also plays a role, with uneven growth prospects, fragile supply chains and heightened geopolitical tensions reinforcing investor appetite for gold over the next year, he said.
For local investors who purchased gold at high levels and are currently stuck with losses, Mr Keeradit offered a cautiously optimistic view, noting prices may climb further within the next month or two, allowing investors the opportunity to exit profitably if they choose.