Gold targets $US4000 per ounce

Gold continues to shine with State Street Investment Management reaffirming a bullish outlook in a monthly update, with potential to hit $US4000 per ounce.

The firm maintains its $US3000 per ounce structural baseline and places a 30 per cent probability on prices climbing towards $US4000 per ounce within the next six to nine months.

“Even if global trade tensions moderate, our base case forecast suggests gold can sustain record price levels between $US3100–3500 per ounce this year,” State Street Investment Management said.

“Our bull case scenario (30 per cent probability) sees gold approaching $US4000 per ounce over the next six to nine months under certain macroeconomic conditions, including stagflation and accelerated de-dollarisation.”

Trade and tariffs tensions would escalate under the bull case scenario, a clear sign of a shifting geoeconomic order, increasing the risk of US/global stagflation and reduced US dollar recycling into US sovereign assets.

Investment demand is returning, with global gold ETFs recording inflows in five of the first six months of 2025.

Although holdings remain about 20 per cent below their 2020 peak, this reversal signals renewed appetite for physical bullion and points to further upside potential as institutional investors re-enter the space.

As gold looks to continue its historic run, an up-and-coming company to look out for is Meeka Metals.

The company has recently made its transition from development to production at its Murchison gold project.

“It is an impressive achievement by the team to deliver first gold on time and within 12 months of breaking ground at the Murchison,” Meeka Metals managing director Tim Davidson said.

“We are now focussed on ramping up gold production toward our targeted 80,000 ounces per annum with the arrival of the third dig fleet and expanded open pit mining plan underway, and first ore from underground at Andy Well in the September 2025 quarter.”