Gold Outlook 2026 World Gold Council Sees Sideways Trade But Flags

Bonisiwe Shabane
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gold outlook 2026 world gold council sees sideways trade but flags

Gold could spend most of 2026 trading within a relatively narrow band unless the global economic environment deteriorates significantly, according to the World Gold Council’s annual outlook. After an extraordinary run in 2025—when the metal repeatedly hit record levels and delivered returns of more than 60%—the Council believes the coming year may lack the same one-way momentum. The report notes that the current price reflects broadly accepted expectations for economic growth, inflation patterns, and the trajectory of global interest rates. With markets anticipating steady worldwide expansion of around 2.7–2.8% and further rate cuts from the US Federal Reserve, the Council says gold could stabilise rather than surge if these assumptions hold. A mildly stronger dollar, already factored into market models, also supports the view of a flatter price path. However, the Council emphasises that economic cycles rarely move in straight lines, and even modest shifts could swing gold sharply.

In a scenario where US growth cools but avoids recession, the metal could gain between 5% and 15%, helped by lower yields, softer risk sentiment, and renewed appeal as a hedge. Additional demand from central banks and new institutional investors—such as insurance firms in China or pension funds in India—could add to the momentum. A more severe global downturn would have a far bigger impact. The Council believes a combination of deeper economic stress, falling bond yields, and escalating geopolitical tension could push gold higher by 15–30% as investors seek refuge from volatility. Large inflows into global gold ETFs through 2025, amounting to over $77 billion, suggest that investors are already positioning cautiously. The outlook also highlights the risk of a reversal.

Should the US adopt aggressive pro-growth measures that stoke inflation, bond yields could climb and the dollar might strengthen. Under such conditions, gold could correct by 5–20% as investors shift toward equities and higher-yielding assets, potentially triggering ETF outflows. Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning over 60%.1 This performance has been supported by a combination of heightened geopolitical and economic uncertainty, a weaker US dollar, and... Both investors and central banks have increased their allocations to gold, seeking diversification and stability. Looking to 2026, the outlook is shaped by ongoing geoeconomic uncertainty. The gold price broadly reflects macroeconomic consensus expectations and may remain rangebound if current conditions persist.

However, taking cues from this year, 2026 will likely continue to surprise. If economic growth slows and interest rates fall further, gold could see moderate gains. In a more severe downturn marked by rising global risks, gold could perform strongly. Conversely, a successful outcome from policies set by the Trump administration would accelerate economic growth and reduce geopolitical risk, leading to higher rates and a stronger US dollar, pushing gold lower. Additional factors, such as central bank demand and gold recycling trends, could also influence the market. Most importantly, gold’s role as a portfolio diversifier and source of stability remains key amid continued market volatility.

Login or register to read the text, view charts and download the files.. Registration is free, quick and easy. It gives you access to all downloads on this website. Note: Historical data based on the LBMA Gold Price PM in USD as of 28 November 2025. Ranges are not price forecasts, but hypothetical illustrations of potential scenario outcomes based on our Gold Valuation Framework. ‘Macro consensus’ implies a range between -5% and 5%; ‘Shallow slip’ implies 5% to 15% upside; ‘Doom loop’ implies 15% to 30% upside; and the ‘Reflation return’ implies a 5% to 20% drop.

The reference point is the average LBMA Gold Price for November 2025. For more details, see: Gold Outlook 2026. Source: Bloomberg, ICE Benchmark Administration, Oxford Economics, World Gold Council © 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.

All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them. Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.

The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only... World Gold Council is affiliated with Metals Focus. The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this... This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments... This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments. This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change.

Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements. Information regarding QaurumSM and the Gold Valuation Framework Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results... Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

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Login or register to read the text, view charts and download the files.. Registration is free, quick and easy. It gives you access to all downloads on this website. Note: Historical data based on the LBMA Gold Price PM in USD as of 28 November 2025. Ranges are not price forecasts, but hypothetical illustrations of potential scenario outcomes based on our Gold Valuation Framework. ‘Macro consensus’...