According to a report by NDB Wealth Management, gold could trade between USD 4,200 and USD 5,000 per ounce over the next 12–24 months, as central bank purchases and strong Asian investor demand increasingly drive prices rather than US interest rate moves. At the time of filing, gold was at USD 4,118.91 per ounce, down 0.14%, yet it has kept rising despite higher US rates, persistent inflation and a firmer dollar. Central banks bought 289 tonnes in Q2 2026, while Asian gold funds recorded net inflows of nearly 70 tonnes in the first half, a record, and North American gold funds saw outflows of around 61 tonnes. The World Gold Council projects about 850 tonnes of central bank buying in 2026, close to the 863 tonnes recorded in 2025, while mine output is forecast to rise only 2.4% to 3,907 tonnes. The base case, given a 50% probability, sees prices fall if lasting peace in the Gulf, easing inflation and a pause in US rate hikes materialise, or rise on concerns over US government finances and the Fed's independence.
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Related tickers and likely impact
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% |
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/20/2026 | 4,125.21 |
| Change that session | -0.38% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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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.
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NDB Wealth Management's report says gold could trade between USD 4,200 and 5,000 per ounce over the next 12-24 months, with this base case assigned a 50% probability. Central bank purchases and strong Asian investor demand are increasingly driving the market, reducing the influence of US rate moves. 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 funds lost about 61 tonnes. The World Gold Council projects around 850 tonnes of central bank buying in 2026, close to the 863 tonnes of 2025, while global mine output is forecast to rise only 2.4% to 3,907 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 further gains.
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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
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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