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Analysts cite central bank buying as gold targets rise to $5,000/oz
Deutsche Bank projects gold could reach $4,700 per ounce by year-end, while State Street points to $5,000 by late 2026 or early 2027 as official demand hits a record $45 billion in Q2.
Gold’s upside potential is drawing more bullish targets from analysts, with expectations tied to sustained central bank gold buying across Asia and the push to make Hong Kong a bigger bullion trading hub, according to SCMP Economy. Deutsche Bank research analyst Michael Hsueh said gold remains in an “explosive” phase and forecast the price could rise to $4,700 per ounce by the end of the year, above its earlier $4,600 estimate for the fourth quarter.
SCMP Economy also reports that Hsueh pointed to official gold demand reaching a record $45 billion in the second quarter, noting the trend of an additional unreported component to official demand.
Beyond Deutsche Bank, Aakash Doshi, head of gold strategy at State Street Investment Management, said gold could reach $5,000 per ounce by the end of the year or early in 2027, supported by robust buying from China and continued central bank demand from emerging markets, SCMP Economy said.
Separately, SCMP Economy reported that the Shanghai Gold Exchange pledged to strengthen links between the Hong Kong and Shanghai markets and to expand its international board, which is designed to let offshore investors trade yuan-denominated gold and connect to cross-border settlement systems. The article also cites Beijing adding to its gold reserve for 20 straight months and that South Korea plans to buy gold for the first time in 13 years.
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