Gold outlook for 2026

Access our new report here, analysing how central-bank diversification away from the US dollar, elevated geopolitical risk, and shifting interest-rate expectations have driven gold’s exceptional performance and are shaping demand into the year ahead.

The report explores how price-insensitive EM central-bank buying, renewed ETF and retail inflows, safe-haven demand, and looser monetary policy are keeping gold well-supported as a dependable hedge in an environment of elevated macro uncertainty.

Key points

• Central banks anchored demand as persistent, price-insensitive buying continued as EM central banks diversified from the USD. Geopolitics kept safe-haven flows elevated and encouraged these central banks to continue their de-dollarisation. Multi-region tensions and weak global growth supported defensive positioning.
• Investor interest rebounded, ETF inflows returned, and retail hedging rose, with momentum buying amplifying gains. Rate cut expectations boosted gold’s inflation-hedging appeal, while anticipated monetary easing in developed markets lowered opportunity costs to further support the rally.

Continue reading here.

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