Jarden Research forecast earnings before interest, taxes, depreciation, and amortization margins of over 50% for most Australian gold producers, a potential signal that spot prices are unsustainably high, according to a Tuesday report.

It upgraded its short-term price estimate for gold to $3,100 per ounce from $2,700 per ounce.

Gold has proven to be a potential relative safe haven during the current turbulence in global trade flows.

Its medium-term gold forecast rose to $2,774 per ounce for the fiscal year ending June 30, to $2,800 per ounce for the fiscal year 2026.

It forecasts gold prices to reach $2,500 per ounce for the fiscal year 2027, and $2,400 per ounce for the fiscal year 2028.

Its long-term real price forecast increased by 10% to $2,200 per ounce.