Gold expected to continue rising in 2026
Gold is expected to continue rising in 2026, with a base-case scenario of $4,900 per ounce, accompanied by risks to the upside.
Gold has been predicted to keep rising in 2026. Pictured: Gold mining in South Africa
In general, the year-end rally in precious metals has been fueled by increased expectations of more US Federal Reserve rate cuts in the coming year, which would provide a tailwind for non-yielding assets.
The metals’ haven appeal has also been amplified by rising geopolitical tensions, particularly in Venezuela, where the US has blockaded oil tankers as it ratchets up pressure on the government of President Nicolás Maduro.
“Geopolitical frictions have re-entered the narrative,” said Ahmad Assiri, a strategist at Pepperstone Group, citing the oil tanker seizures. “These developments, while not triggering outright risk-off moves, undoubtedly add to the background demand for gold as a must-have hedge.”
Gold sets new high
Gold prices set a new all-time high on Tuesday, 23 December, as persistent geopolitical uncertainty continues to keep safe-haven demand elevated.
Spot gold rose as much as 1.2% to a new record of just below $4,500 an ounce, extending gains from its biggest one-day jump in over a month
Gold has now gained more than 70% this year and is on track for its best annual performance since 1979.
The blistering rally has been underpinned by strong central-bank purchases and inflows into exchange-traded funds.
US President Donald Trump’s aggressive moves to reshape global trade — as well as his threats to the Fed’s independence — added fuel to the bull run earlier this year, which ended in gold prices reaching as high as $4,381 per ounce in October.
Bullion has since bounced back quickly after a retreat, and is now positioned to carry these gains into next year, according to analysts from major banks.
Source: Mining.com