New Delhi, April 14 -- Gold prices could reach as high as $4,500 per ounce in an extreme risk case by the end of 2025, foreign investment bank Goldman Sachs said, citing escalating US-China trade war and fears of recession.

However, Goldman Sachs raised gold price target to $3,700 an ounce by end-2025, its third such hike this year, reports said. Earlier in March, the investment bank had hiked its 2025 gold price target to $3,300 per ounce.

Heightened concerns over the US economy, fueled by an escalation in the US-China trade war, have increased the appeal of gold as a recession hedge, according to an investment bank, reports said.

Gold prices crossed the $3,200-per-ounce mark for the first time last week, reaching a record high of $3,...