NDB Wealth Management says gold could stay at USD 4,200-5,000 per ounce over the next 12-24 months, as central bank buying and strong Asian demand increasingly drive the market rather than US interest rates. At filing, gold traded at USD 4,118.91 per ounce, down 0.14 per cent, yet it has kept rising despite higher US rates, persistent inflation and a firmer dollar. Central banks bought 289 tonnes in the second quarter of 2026, while Asian gold funds saw net inflows of nearly 70 tonnes in the first half, a record, and North American funds saw outflows of around 61 tonnes. The World Gold Council projects about 850 tonnes of central bank buying in 2026, while global mine output is forecast to rise just 2.4% to 3,907 tonnes. The base case, given a 50 per cent probability, sees gold at USD 4,200-5,000 per ounce; a lasting Gulf peace, easing inflation or a pause in US rate hikes could push prices lower, while US fiscal concerns could drive gains.
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Original headline: Gold may trade up to USD 5 , 000 / oz over next two years as central banks sustain demand : Report
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Related tickers and likely impact
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/20/2026 | 4,125.21 |
| Change that session | -0.38% |
PAXG/USDT
▲ Likely positivePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/20/2026 | 4,122.25 |
| Change that session | -0.28% |
XAUT/USDT
▲ Likely positiveTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.4B |
| Close on 10/20/2026 | 4,116.60 |
| Change that session | -0.42% |
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Related news
- Gold may trade up to USD 5 , 000 / oz over next two years as central banks sustain demand : Report
NDB Wealth Management says gold could stay at USD 4,200–5,000 per ounce over the next 12–24 months as central bank purchases and strong Asian demand increasingly drive the market, reducing the influence of US rate moves. Gold was trading at USD 4,118.91 per ounce when the report was filed, down USD 5.82 or 0.14 per cent. Central banks bought 289 tonnes in Q2 2026, and Asian gold funds saw net inflows of nearly 70 tonnes in the first half, while North American gold funds had outflows of around 61 tonnes. The World Gold Council projects about 850 tonnes of central bank buying in 2026, close to 863 tonnes in 2025, while global mine output is forecast to rise just 2.4 per cent to 3,907 tonnes. The base-case scenario, given a 50 per cent probability, sees prices between USD 4,200 and USD 5,000 per ounce.
- Gold may trade up to USD 5 , 000 / oz over next two years as central banks sustain demand : Report
NDB Wealth Management expects gold to stay between $4,200 and $5,000 an ounce over the next 12–24 months, driven increasingly by central bank and Asian demand rather than US interest rates. Gold was trading at $4,118.91 at filing, down $5.82 or 0.14%. Central banks bought 289 tonnes in the second quarter of 2026, and Asian gold funds took in nearly 70 tonnes of net inflows in the first half of the year, a record, while North American funds saw about 61 tonnes of outflows. Mine output is forecast to rise only 2.4% to 3,907 tonnes in 2026. The base case, given a 50% probability, could shift if Gulf peace, easing inflation or a pause in US rate hikes push prices lower, or if concerns over US finances and Fed independence push them higher.
- Gold may trade up to USD 5 , 000 / oz over next two years as central banks sustain demand : Report
A report by NDB Wealth Management says gold could trade between USD 4,200 and USD 5,000 per ounce over the next 12-24 months, driven by central bank buying and Asian investor demand rather than US interest rates. Gold was trading at USD 4,118.91 per ounce when the report was filed, down 0.14%. Central banks bought 289 tonnes in the second quarter of 2026, while Asian gold funds saw net inflows of nearly 70 tonnes in the first half, a record, and North American funds recorded outflows of about 61 tonnes. Global mine output is forecast to rise just 2.4% to 3,907 tonnes in 2026, limiting supply. The base-case scenario, given a 50% probability, could be pushed lower by lasting peace in the Gulf, easing inflation or a pause in US rate hikes, while concerns over US government finances and Fed independence could push prices higher.
- Global Central Banks Kept Buying Gold This Summer
Central banks bought a net 62 tons of gold in July and August, according to the World Gold Council, with China adding 20 tons in August for its 22nd straight month of purchases. Poland has bought aggressively this year with 98 tons in the first eight months, while Uzbekistan and Kazakhstan bought 50 and 36 tons. Russia and Jordan were net sellers in August, offloading 6 and 3 tons. Goldman Sachs expects central banks to average 50 tons of purchases monthly this year and forecasts gold reaching $4,900 per ounce, though higher rates and a stronger dollar could limit gains. Gold traded above $4,150 per ounce but is still down about 4% this year and well below its $5,600 record.
- Gold may trade up to USD 5 , 000 / oz over next two years as central banks sustain demand : Report
NDB Wealth Management says gold could trade between USD 4,200 and USD 5,000 per ounce over the next 12-24 months under its base case, which it assigns a 50% probability, as central bank buying and Asian demand increasingly drive the market rather than US rates. At the time of the report, gold traded at USD 4,118.91 per ounce, down USD 5.82 or 0.14%. Central banks bought 289 tonnes in the second quarter of 2026, while Asian gold funds recorded net inflows of nearly 70 tonnes in the first half, a record, and North American funds saw outflows of about 61 tonnes. A lasting peace in the Gulf, easing inflation or a pause in US rate hikes could push prices lower, while concerns over US government finances and Fed independence could drive gains.
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