Gold near highs on ETF inflows and central-bank demand into 2026

Gold prices have continued to push higher this year, reaching fresh milestones as investors weigh geopolitical risks, inflation expectations, and what many see as a fundamental shift in how gold fits into modern portfolios. In the near term, analysts expect the ascent to persist into the latter part of 2025 and into 2026, supported by central-bank purchases, sustained ETF inflows, and a softer dollar that tends to lift dollar-priced gold.

Traders have watched gold rally through the year, with the metal touching record levels and continuing to trade near historically elevated territory. The breadth of buying is driven not only by a traditional flight to safety but also by structural demand from official sector reserve diversification and investment vehicles that provide exposure to bullion. Central banks have signaled a continued willingness to hold more gold as a hedge against currency risk and policy uncertainty, while demand from exchange-traded funds has remained robust, cementing gold’s role as a long-term portfolio hedge.

Forecasts for gold prices reflect both optimism and caution. A major brokerage house recently lifted its near-term targets, with projections that gold...