The price of gold jewelry is set to rise. It’s inevitable: the price of the yellow metal has reached record levels and, according to authoritative analysts, the race is not over yet. The price of gold has now reached $2,940 per ounce (a unit of measurement that corresponds to 28.3 grams). This price is putting jewelers who use a lot of gold in difficulty and who are forced to raise prices accordingly, with the risk of reducing the number of buyers. Many jewelers have therefore decided to make the gold sheets used for their collections even thinner. Others have introduced collections in titanium, a material that is difficult to work with, but which has the advantage of costing less than gold.
The reasons for the yellow metal’s run-up are largely found in Washington. Concerns about US tariffs and global uncertainties are fueling demand for safe haven assets: in the uncertainty, central banks and investors are buying ingots: you never know. US President Donald Trump has announced additional 25% tariffs on cars, along with tariffs on semiconductor and pharmaceutical imports, increasing trade tensions. Adding to the uncertainty, the White House has raised the possibility of lifting sanctions on Russia during diplomatic talks, alarming Europe and Kiev. This is another reason for uncertainty. Added to this is inflation in the US, which instead of decreasing as promised during the election campaign, remains above the desired level and, consequently, keeps rates high.
With this scenario, it is not surprising that the investment bank Goldman Sachs has raised its forecast for the price of gold for the end of 2025 to 3,100 per ounce (compared to the previous estimate of 2,890 dollars) due to a structurally higher demand from central banks. This effect, namely direct purchases by states, combined with the demand for financial instruments linked to the performance of gold, should be the fuel for a further rise in the price of the yellow metal. And there is an even worse scenario: according to the bank, if uncertainty about economic policies, including concerns about tariffs, remains high, prolonged speculative positioning could push gold prices up to 3,300 an ounce by the end of the year. With a consequent further increase in the cost of jewelry.
