The global gold market is expected to remain strong in 2026, with total demand forecast at around 4,900 tonnes, supported by continued central bank buying and steady investor interest.

At the same time, major investment banks are raising their price forecasts, signaling that the rally may not be over yet.

Gold Price Forecast for 2026

According to J.P. Morgan, gold prices could rise 22% from current levels to reach $6,300 per ounce by the end of 2026. The forecast was published on February 25 and reported by Kitco News.

Analysts at the bank say strong demand from both central banks and private investors will likely continue through next year, supporting higher prices despite periods of volatility.

Meanwhile, Goldman Sachs projects gold could reach $4,900 per ounce by the end of 2026, with potential for further gains if investors continue diversifying their portfolios.

Gold previously hit a record high above $4,380 per ounce in October before correcting. As of mid-November, spot prices were trading near $4,068, according to Reuters.

Why Central Banks Are Buying So Much Gold

One of the main reasons behind gold’s strength is record-level buying by central banks.

Since 2022, global central banks have been purchasing more than 1,000 tonnes of gold per year — the fastest pace in over 30 years. According to estimates cited by Reuters and Goldman Sachs:

• Central banks bought 64 tonnes in September, compared to 21 tonnes in August.
• Monthly purchases are expected to average around 80 tonnes through 2026.
• J.P. Morgan projects total central bank purchases could reach around 755 tonnes in 2026.

The most active buyers include China, Poland, India and Turkey. The reasons are clear and consistent:

• Diversification of reserves away from the U.S. dollar
• Protection against inflation and currency risks
• Reducing exposure to geopolitical pressures and sanctions.

Gold is seen as a neutral reserve asset — one that does not depend on any single country’s financial system.

Investor Demand Remains Strong

Banks also expect investor interest to remain solid. J.P. Morgan estimates that combined investor and central bank demand could average about 585 tonnes per quarter in 2026, including bar and coin purchases and ETF inflows. With mine supply growing slowly and unable to respond quickly to rising demand, analysts believe prices may remain supported.

Outlook for 2026

The overall picture for 2026 points to:

• Strong global demand near 4,900 tonnes
• Continued central bank accumulation
• Price targets ranging from $4,900 to $6,300 per ounce

While short-term corrections are always possible, large financial institutions agree that the structural drivers behind gold’s rally — reserve diversification, macro uncertainty and investor demand — are still in place.

Gold is no longer viewed only as a crisis hedge. Increasingly, it is becoming a core part of global portfolio strategy.