Gold prices continued to cool down in today's session after setting a new peak. Spot gold prices fell to 4,600.39 USD/ounce, from a record level of 4,639.42 USD/ounce previously recorded. February gold futures on the COMEX exchange also fell slightly to 4,618.80 USD/ounce.
ANZ Bank believes that gold still has room to grow strongly and may surpass the 5,000 USD/ounce mark this year. In its latest global outlook report, Standard Chartered also assessed that gold will maintain its position as the market's core asset in 2026.
Investors are currently betting twice on cutting interest rates by 25 basis points in the year, with the earliest time falling in June. The low interest rate environment and macroeconomic instability continue to be a support for non-profit assets such as gold. ANZ forecasts that this precious metal will hover above $5,000/ounce in the first half of 2026, thanks to increasingly clearer policy signals.
Standard Chartered believes gold will continue to be "at the center" next year, as investors enter a period when risky assets may grow strongly but also come with greater uncertainty. In its report, the bank said: "We maintain the Overweight view on gold, with a 3-month price target of 4,350 USD/ounce and 12 months at 4,800 USD/ounce. Purchasing demand from central banks in emerging markets and favorable macroeconomic conditions will continue to support the upward trend of gold.
According to Standard Chartered, the multi-year upward momentum of gold is strengthened by continuous net buying from central banks, the weakening USD and the return of the reverse correlation between gold and real yields. These factors, coupled with high macroeconomic risks, are helping gold affirm its role as an asset diversifying core portfolios.
Although gold prices are at a record level if adjusted according to inflation, the bank believes that precious metals are still relatively "cheap" compared to the global stock valuation level, especially the S&P 500. The market context currently revolves around the question of whether the strong increase in risky assets, led by the AI wave, is approaching a bubble state.
Standard Chartered said it has not seen any signs of the market moving towards crisis scenarios similar to the past, but warned that the differentiation between asset groups is increasing, making diversification demand urgent. In this context, gold is expected to continue to be a "balancing fulcrum" if the wave of optimism about asset growth weakens.
