Gold eases to £3,218.75 an ounce as banks target $4,500 to $5,000 by year end

Gold has eased to around £3,218.75 a troy ounce today, according to live pricing from LivePriceOfGold.com, working out to roughly £103.50 a gram before dealer costs. That is down about 0.65 per cent on the day, with the metal slipping below $4,300 in dollar terms as a firmer US dollar and rising Treasury yields continue to weigh on bullion.

The move comes as markets digest today's Washington meeting between US president Donald Trump and Chinese president Xi Jinping, seen by analysts as a source of two way risk for gold. Silver has also softened this week, pushing the gold to silver ratio higher as both metals track dollar strength and rate expectations.

Looking further ahead, major banks remain far more bullish than today's price suggests. Natixis expects $5,000 an ounce by the end of 2026, roughly £3,780 today, while Goldman Sachs sees $4,900, near £3,700, and Citi and JPMorgan are more cautious at around $4,500, about £3,400. A BullionVault survey of its own users and of LBMA analysts put average forecasts even higher, at $5,136 and $4,742, citing central bank buying and geopolitical uncertainty as the main drivers.

For UK buyers, today's spot price of £3,218.75 an ounce is only the starting point. A dealer's premium and delivery are added on top to reach the all-in cost, though investment grade gold remains free of VAT, unlike silver. This is market information, not financial advice.