Goldman Sachs raised its year-end gold target to US$3,100 (HK$24,180) an ounce on central-bank buying and inflows into bullion-backed exchange-traded funds, highlighting Wall Street’s enthusiasm for the metal.

Central-bank demand may average 50 tons a month, more than previously expected, analysts Lina Thomas and Daan Struyven said in a note. Should uncertainty over economic policy persist, including on tariffs, bullion could hit US$3,300 an ounce on higher speculative positioning, they said. The latter figure implies an annual gain of 26 percent, according to Bloomberg calculations.

The precious metal has roared higher this year, setting successive records in a seven-week winning run that’s built on last year’s surge. The commodity’s sustained advance has been driven by increased purchases by central banks, a streak of rate cuts from the Fed and, more recently, mounting investor concern over US President Donald Trump’s disruptive tariff announcements.

“If elevated policy uncertainty — including tariff fears — persists, speculative positioning could push gold prices as high as US$3,300 an ounce by year-end,” Thomas and Struyven wrote. In addition, rising fears of inflation and fiscal risks “may push central banks — especially those holding large US Treasury reserves — to buy more gold,” they said.