Goldman Sachs has raised its gold forecast to $2,900 per ounce by 2025, reflecting strong confidence in the metal's future. Just last month, they predicted it would reach $2,700 by next year, but they’ve now adjusted their outlook due to several factors.

The demand for gold continues to rise, driven by institutional investors, central banks, and its appeal as a hedge against economic risks. Goldman’s analysts highlight a combination of lower global interest rates, higher central bank demand, and its protective benefits during geopolitical and financial instability as key reasons for this upward revision.

Other institutions are also bullish on gold. UBS has named it the "Most Preferred" asset in its global strategy, while experts like Mike McGlone from Bloomberg see potential for it to reach $3,000 per ounce. Additionally, retail buyers are also getting in on the action, with Costco reporting a surge in gold sales and even planning to sell platinum.

As of now, gold is holding steady at $2,653 per ounce, with a monthly gain of 6.35%. Could this be the time to go long on gold?