Gold continues its remarkable ascent, with forecasts now placing prices at around US$4,900 per ounce by December 2026, up from earlier projections of US$4,300. The revised outlook reflects robust inflows into gold-backed exchange-traded funds (ETFs) and persistent central bank accumulation, signalling a broader shift towards safe-haven assets.
At the start of October, spot gold hovered near US$3,960 per ounce, briefly touching a fresh peak of US$3,977.19. The precious metal has already surged over 50% in 2025, buoyed by heightened demand from both institutional and retail investors. Factors such as ongoing geopolitical tensions, currency weakness, and the search for portfolio diversification have all strengthened gold’s appeal.
Analysts anticipate that central bank purchases will average around 80 tonnes in 2025 and 70 tonnes in 2026, as emerging economies continue diversifying reserves. China remains a major buyer, with its central bank increasing gold holdings for the 11th consecutive month in September.