BANGKOK, Thailand – Global gold markets are entering 2026 on a historic high, with experts predicting prices could reach $5,000 per ounce amid ongoing geopolitical tensions, central bank purchases, and a strong demand for safe-haven and structural assets.
In 2025, gold surged more than 70%, the sharpest annual rise since 1979, driven by investor demand, expectations of U.S. Federal Reserve rate cuts, and continuous purchases by central banks worldwide. Funds tracking gold via ETFs saw record inflows, totaling $64 billion through October 2025, with September alone accounting for $17.3 billion.
Analysts from institutions including J.P. Morgan and Goldman Sachs project that 2026 will continue this bullish trend. J.P. Morgan expects gold to hit $5,055 per ounce by year-end, while Goldman Sachs sets a target of $4,900 per ounce, citing strong demand from emerging markets and ongoing central bank accumulation. European analysts, including UBS, view gold as a long-term structural asset for investment portfolios, with prices potentially reaching $4,900 per ounce by year-end if geopolitical risks intensify.
Asian markets reflect similar optimism. Banks like DBS and UOB highlight surging physical gold purchases in China and India, with investors increasingly favoring bars and coins for savings and hedging against currency volatility. Central banks across Asia are also boosting gold reserves to reduce reliance on the U.S. dollar, further supporting prices.
For Thailand, market observers including MTS Gold, Hua Seng Heng, and YLG foresee gold continuing its upward trajectory in 2026, with domestic prices possibly hitting 70,000–80,000 baht per baht-weight. Fluctuations will occur due to profit-taking, policy uncertainties, and shifts in global interest rates, but the overall outlook remains bullish.
Data from the World Gold Council and IMF shows central banks leading the charge: the U.S. remains the top holder with 8,133 tons, followed by Germany (3,352 tons) and Italy (2,452 tons). China’s steady accumulation, now totaling 2,304 tons, underscores the strategic shift toward diversifying reserves away from the dollar.
With gold increasingly recognized as a “structural asset” rather than just a safe haven, 2026 could mark a pivotal year for investors seeking security amid global economic and geopolitical uncertainty.
