Analyst Forecasts Gold at $7,150 in 2026 as Central Banks Sustain Strong Demand

Gold’s powerful rally that closed out 2025 has carried into the new year, with precious metals outperforming amid persistent global uncertainty. Both gold and silver have led the charge, reinforcing their role as defensive assets in a volatile macroeconomic environment.

Gold has already gained nearly 15% year-to-date, beginning 2026 above $4,300 per ounce. The speed and scale of the move have caught market attention, with some analysts interpreting the surge as a signal that several countries are increasingly turning back to gold as a core reserve asset.

Short- and medium-term forecasts for gold remain decisively bullish. Julia Du, commodities analyst at ICBC Standard Bank, has projected that gold could reach $7,150 per ounce in 2026. Veteran strategist Jim Rickards has taken an even more aggressive stance, suggesting prices could ultimately meet or exceed $10,000 per ounce under the right conditions.

Central Banks Anchor Demand Amid Volatility

Even relatively conservative outlooks have turned notably optimistic. Goldman Sachs recently raised its year-end gold forecast from $4,900 to $5,400, citing sustained investor demand from those seeking portfolio diversification and protection against systemic risk. This structural buying is increasingly viewed as providing a firm floor under prices.

Central banks are reinforcing that support. The National Bank of Poland (NBP) recently announced plans to purchase an additional 150 tonnes of gold, a move that would elevate Poland to the world’s tenth-largest official gold holder. Upon completion, Poland’s reserves would total approximately 700 tonnes—surpassing those of the European Central Bank.

NBP Governor Adam Glapiński described gold as a strategic pillar of national financial security during what he called “exceptionally volatile times.” He emphasized that liquidation is not under consideration, even in the event of a sharp price correction.

China has also continued to accumulate gold steadily, reinforcing its long-term de-risking strategy. The country appears to be quietly reducing exposure to U.S. Treasuries while increasing gold reserves, underscoring a broader shift among major economies toward tangible, politically neutral assets.

With central banks acting as consistent buyers and investor demand remaining resilient, gold’s bullish momentum looks increasingly rooted in structural forces rather than short-term speculation—strengthening the case for significantly higher prices in the years ahead.