Precious metals investors predict that gold is set to reach its highest level yet, breaking £2,700 per Troy ounce by the end of the year.
This is the average prediction made by private investors using world-leading precious metals marketplace BullionVault.
The new forecast, given in BullionVault’s latest investor survey, comes after the safe haven metal hit a record of £2,607 per Troy ounce in April, topping a series of new all-time highs sparked by geopolitical headlines from US President Trump’s trade tariffs to the widening war in the Middle East.
When asked how they believe gold prices could move by year-end, almost half of BullionVault’s respondents (47%) forecast a rise of 10% and a further quarter (25%) predicted a 20% rise.
The survey, which sourced the views of over 1,000 precious metal investors from BullionVault’s global client base, found that a third of respondents (33%) expect geopolitics to have the greatest impact on gold prices between now and the end of 2025, repeating the view from last June and December’s polls. Another one-in-four (24%) dubbed government spending and the size of government deficits as the main price driver for gold between now and New Year 2026, the highest-ever showing for that factor in a decade of BullionVault’s surveys.
Monetary policy, in contrast, got its lowest share to date (down at 12.8%). It was overtaken by the likely impact of gold demand and supply on driving bullion prices (16.1%), primarily due to how investors perceive the strength of central bank buying.
Adrian Ash, Director of Research at BullionVault said, “Like professional analysts, private investors keep seeing the price of gold overtake their bullish forecasts.
“Our users came into 2025 predicting that gold would end this year at £2,400 per ounce, but the market got there before the end of March, and it’s now trading above £2,500 as summer begins.
Ongoing geopolitical uncertainty and concerns over the level of government debt are clearly fuelling demand for trusted, long-term assets. Our latest poll confirms gold’s growing appeal, with bullion investors now expecting a further 9% price rise before next New Year.”
Expectations around price rises weren’t limited to gold, with almost one-third of BullionVault users answering the West London fintech’s latest survey saying that they expect the price of silver to increase by 10% by year-end, while one quarter forecast a 20% rise.
On average, respondents forecast a year-end silver price of £30.30 per Troy ounce. If that were to happen, it would top by £1 silver’s all-time British Pound peak, set in April 2011 as the global financial crisis morphed into investor worries about the size of Western government debts and deficits.
