Overview
- Gold is up more than 60% this year and recently topped $4,300 per ounce, with estimates placing its implied market value above $30 trillion.
- Prices slipped about 2% in the latest session after the dollar strengthened following President Donald Trump’s remark that a large‑scale tariff on China would be unsustainable long term.
- HSBC projects gold could reach $5,000 in 2026, while ANZ sees a peak near $4,600 in June 2026 before a gradual second‑half easing.
- Central banks have maintained heavy purchases since 2022, exceeding 1,000 tonnes annually versus an average of about 481 tonnes from 2010 to 2021.
- Investment flows remain supportive, with strong interest in ETFs and tokenized gold, as Bitcoin faces ETF outflows and a weaker near‑term setup reflected in a roughly 50% year‑to‑date rise in the gold/bitcoin ratio.