ANALYSTS predict gold’s rally will persist into next year, with prices averaging above $4,000 per ounce for the first time as economic uncertainty and geopolitical instability maintain the metal’s safe-haven appeal, said Reuters on Monday.
A Reuters survey of 39 analysts and traders produced a median forecast of $3,400/oz for 2025, rising from $3,220 in July. Projections for 2026 jumped sharply to $4,275, up from $3,400 three months earlier, the newswire said.
The precious metal has achieved consecutive records and crossed the $4,000 threshold this year, gaining 54% – its strongest annual performance since the 1979 oil crisis. Year-to-date, gold has averaged $3,281/oz.
“Gold’s performance in 2025 reflects more than the strength of a rally,” David Russell at GoldCore told the newswire. “The market is no longer responding to short-term shocks but to a deeper loss of confidence in policymakers, currencies, and the financial system itself,” he added.
Broader geopolitical tensions, trade disruption and declining dollar dominance have supported prices, alongside central bank acquisitions and exchange-traded fund inflows, said Reuters. Expectations of American interest rate reductions have also bolstered the non-yielding asset.
Whilst analysts anticipate continued appreciation through 2026, they expect momentum to moderate. Sustained uncertainty should underpin demand, with central banks likely to maintain purchases for reserve diversification. Investors increasingly view gold as a core portfolio holding rather than speculative investment.
“While jewellery demand may remain price-constrained, the official sector’s strategic purchases, together with retail and institutional investment flows, are likely to be the dominant drivers,” Nitesh Shah at WisdomTree said.
