ETF Flows and Institutional Forecasts Signal More Room to Run
Despite gold’s elevated price, global ETF holdings remain below previous peaks, leaving room for renewed investment flows. Goldman Sachs recently upgraded its year-end target to $3,700, with upside to $4,500 in extreme scenarios.
J.P. Morgan sees Q4 prices averaging $3,675, rising toward $4,000 into mid-2026. These forecasts reflect conviction that the combination of geopolitical risk, policy uncertainty, and central bank accumulation will continue to support higher gold prices.
Gold Prices Forecast: Bullish Bias Persists Above Key Support
Gold’s ability to consolidate near resistance levels, despite rising real yields and a firm U.S. dollar, underscores deep structural support. With geopolitical tensions intensifying, a potential dovish shift from the Fed, and firm central bank demand, the medium-term outlook remains bullish.
A break above $3,451.53 could open the path to $3,500.20 and beyond, while holding above $3,308 keeps the bullish case intact. Traders should remain alert for volatility around the Fed release, but the broader trend favors strength.
More Information in our Economic Calendar.
