Goldman Sachs raises end-2025 gold price forecast to $3,700/oz

April 14 (Reuters) - Goldman Sachs raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, with a projected range of $3,650-$3,950, citing stronger-than-expected demand from central banks and higher exchange-traded fund inflows due to recession risks.

"If a recession occurs, ETF inflows could accelerate further and lift gold prices to $3,880 per troy ounce (toz) by year-end," the bank said in a note dated Friday.

"That said, if growth surprised to the upside on reduced policy uncertainty, ETF flows would likely revert to our rates-based predictions, with year-end prices closer to $3,550/toz."

The White House exempted smartphones and computers from "reciprocal" U.S. tariffs, however, President Donald Trump warned levies were still likely at some point.

Spot gold XAU= prices hit another record high on Monday at $3,245.42 per ounce but lacked clear direction as the market absorbed the ongoing tariff story. GOL/

The bank also nudged up its central bank demand assumption to 80 metric tons per month, from 70 tons earlier.