Wood sees gold price rising 76% to $6,600

Gold prices have been on a tear in the last few months, rising nearly 43 per cent thus far in calendar year 2025 (CY25).

- PUNEET WADHWA

The rise, analysts said, has been on account of ‘safe haven’ buying by investors amid geopolitical issues, Trump tariffs and buying by global central banks.

Despite the strong run thus far in CY25, Christopher Wood, global head of equity strategy at Jefferies sees more headroom in the months ahead and expects gold prices to hit $6,600 an ounce (oz) mark, up over 76 per cent from the current levels of $3,745/oz.

Back in December 2002, Wood had forecast gold prices to hit $3,400/oz The target, Wood said, was calculated by adjusting the 1980 peak gold price of $850/oz by the then 6.3 per cent annualised growth in US total personal income since January 1980. “That gave a gold price target of $3,437/oz,” Wood said.