With Israel-Iran conflict uncertainty, gold rallied to $3,440.

And there’s still more upside.

"Israel knocking out Iranian targets is causing a little bit of geopolitical scare in the market. Prices will stay elevated in the anticipation of what is to come, the retaliation by Iran," said Daniel Pavilonis, senior market strategist at RJO Futures, as quoted by Reuters.

That, plus central bank buying could easily send the metal to $4,000.

In fact, Goldman Sachs says gold could rally to $3,700 by the end of 2025, and to $4,000 by the middle of 2026. Even UBS analysts say gold could rally to $3,500 by December. According to analysts at JPMorgan, “The bank now expects gold prices to reach an average of $3,675/oz by 4Q25, on the way towards above $4,000/oz by 2026, with risks skewed towards an earlier overshoot of these forecasts if demand surpasses its expectations,” as reported by Reuters.

And remember, China’s central bank added to its gold reserves in May for the seventh straight month. And, as noted by CNBC, “The world’s central banks are on track to buy 1,000 metric tons of gold in 2025, which would be their fourth year of massive purchases as they diversify reserves from dollar-denominated assets into bullion, consultancy Metals Focus said.”

In short, gold is offering investors a substantial opportunity.