Gold price forecast: Why investors expect record highs within 2 years

Gold prices could climb to fresh record highs within the next 24 months, according to investors and industry executives cited by the Financial Times, as central banks increase their bullion purchases and concerns over government debt, geopolitical tensions and the US dollar’s dominance support demand for the precious metal.

The bullish forecasts come despite a recent decline in gold prices. Bullion fell 2% to $4,075 per troy ounce on Wednesday amid expectations that the US Federal Reserve could raise interest rates again, the news outlet stated.

However, fund managers cited by FT expect gold to rebound, supported by investors seeking safe-haven assets amid growing economic and financial market uncertainty.

Central banks’ reported gold purchases in September reached their highest monthly level since November 2024, with provisional data showing about 63 tonnes of buying so far, according to the World Gold Council. The figures were reportedly compiled using central bank and International Monetary Fund data.

Gold surged to a record high of more than $5,500 per troy ounce in January before retreating. Despite the subsequent fall, the metal remains at historically elevated levels.

Gold price forecast: Why investors expect fresh records