LONDON (IT BOLTWISE) – After a record year in 2025, Saxo Bank expects a new upward movement in gold prices from the beginning of 2026. Despite a current period of consolidation, demand for gold remains strong, supported by central banks and ETFs. Experts see further potential for new record highs in the medium term.
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The gold market reached a record high in 2025, but Saxo Bank is already predicting the next upswing from the beginning of 2026. After a phase of consolidation that is currently shaping the market, experts expect the gold price to strengthen again. This development is supported by continued demand from central banks and ETFs, which are considered important pillars.
Ole Hansen, head of commodity strategy at Saxo Bank, emphasizes that the recent market slowdown should not be seen as weakness, but as a healthy correction. The current price of an ounce of gold is $4,163.17, slightly below the record high of over $4,300 in early October. Hansen sees the consolidation as a sign of a reduction in pressure and not of a trend reversal.
Other market observers also share this assessment. The World Gold Council highlights that structural demand for gold remains strong. The precious metal has already hit numerous all-time highs this year, and the recent correction after the steep rise is hardly surprising. Tactical factors such as profit-taking could cause short-term volatility, but the fundamental environment remains intact.
Large US investment houses such as JPMorgan Chase and Morgan Stanley are optimistic in the long term. JPMorgan even believes that the price of gold will double in the next three years, while Morgan Stanley expects a price of around US $ 4,400 by mid-2026. Both institutes point to falling interest rates and ongoing central bank purchases as key price drivers.
Saxo Bank draws parallels to previous market phases in which stabilization was followed by a strong price surge. Once the current consolidation ends, the same forces that drove the market in 2025 could come into play again. Rising national debt, inflation concerns and ongoing demand from central banks could initiate the next upward trend as early as the beginning of 2026.
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