Gold price forecasts: Will the yellow metal continue to shine in 2026?
Gold prices have recorded continuous gains since the beginning of 2025, with their gains rising until the last two weeks in December by up to 65%, after exceeding a historic level of $4,380 per ounce for the first time in October.
Trade concerns and lower demand for The US dollarand the increase in central bank purchases create the ideal conditions for this historic rise.
After the huge rise in demand that the yellow metal witnessed throughout 2025, what are the expectations for gold prices in 2026 and beyond?
Gold prices in 2026
Natasha Kaneva, head of global commodity strategy at the Bank of "JP Morgan"The trends driving the rise in gold prices have not ended yet, indicating that the long-term trend of diversifying official reserves and investments in gold is still continuing. It expects demand for gold to push prices towards $5,000 per ounce by the end of 2026.
In general, it is expected "JP Morgan" Prices will average $5,055 per ounce by the last quarter of 2026, and rise to $5,400 by the end of 2027.
Main Buyers of Gold in 2026
Gold price forecasts issued by the Global Research Department indicate "JP Morgan" This indicates continued strong demand from investors and central banks for gold, which is expected to average about 585 tons per quarter.
As a rule of thumb, this relationship – which explains about 70% of the quarterly change in the price of gold – indicates that a rise in gold prices every quarter requires about 350 tons or more of net quarterly demand from investors and central banks, and every 100 tons above 350 tons equates to a rise of about 2% in the price of gold on a basis Quarterly.
Central banks
after 3 consecutive years of Central banks of gold, which exceeded 1,000 tons, the trend to increase purchases will continue until 2026, according to research "JP Morgan"
The analysis expects central bank purchases to reach about 755 tons in 2026, a level lower than the peak of the past three years of more than 1,000 tons, but still high when compared to pre-2022 averages, which were closer to 400-500 tons.
Investors
Central banks were not the only ones to increase their relative share of gold holdings over the past two years, as it is expected that Investor demand is also expanding.
It is expected "JP Morgan" Continued strong investor demand for gold, with expected inflows of around 250 tons into Investmentin circulation in 2026, while demand for bullion and coins is expected to once again exceed the high annual demand level of 1,200 tons.
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