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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Related tickers and likely impact
XAU/USD
▲ Likely positiveRelevance: high
| 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% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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NDB Wealth Management expects gold to trade between US$4,200 and US$5,000 an ounce over the next 12–24 months, a base case it assigns a 50% probability, as central bank purchases and Asian investor demand increasingly drive prices rather than US interest rate moves. Gold was trading at US$4,118.91 an ounce, down 0.14%, though it has kept gaining 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, their strongest first half on record, even as North American funds recorded outflows of about 61 tonnes. The World Gold Council projects around 850 tonnes of central bank buying in 2026, and 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 fiscal health and Fed independence could lift them further.
- 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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