Gold prices are nearing record highs, with spot gold settling at $3,759 per troy ounce on September 28, 2025, following a peak of $3,783 earlier in the week. Major financial institutions are revising their forecasts in response to these developments. JPMorgan anticipates an average price of $3,675 for Q4 2025, while Goldman Sachs targets $3,700 by the end of the year. UBS and Morgan Stanley both project $3,800 by December 2025, and Deutsche Bank has increased its 2026 average forecast to $4,000. Bank of America predicts a 2025 average of $3,500, with the potential to reach $4,000 in 2026 if interest rate cuts are implemented. Meanwhile, Citigroup and Commerzbank maintain more conservative near-term targets. Analysts highlight Asian demand and potential Chinese purchases as significant factors influencing the market, reflecting a divide between optimistic and cautious outlooks.