The highest peak of world gold prices in 2025 to date is about 4,379.13 USD/ounce, recorded on October 17, 2025.
Entering the end of 2025 and early 2026, gold continues to show a hot uptrend with no signs of cooling down. In its latest report, brokerage Ventura said the precious metal could reach $4,600-$4,800 an ounce by 2026.
According to Ventura, a "cluster of factors" including strong central bank purchases, persistent inflation, expanding US budget deficits and concerns about US economic and tariff prospects are creating momentum to increase gold prices.
Ventura also assessed that the expectation of the US Federal Reserve (Fed) cutting interest rates by 75 basis points in 2026 will continue to maintain the attraction of gold, prolonging the price increase cycle that has lasted for many years.
The company said that this growth cycle is far from over, as institutional investors safe-haven demand, retail purchasing power and speculative activities all increase, strengthening a solid foundation for the long-term uptrend of precious metals.
Notably, last month, German Bank Deutsche Bank raised its 2026 gold price forecast from 4,000 to 4,450 USD/ounce, and said that gold could fluctuate in the range of 3,950 - 4,950 USD/ounce next year. This new forecast price cap is about 14% higher than the current COMEX gold futures price for December 2026.
The bank described the context of gold facing a structural solid foundation, with large central bank purchases and ETFs absorbing the majority of available supply, causing a shortage in the jewelry market while total demand still outpaces supply.
Deutsche Bank kept its gold price forecast for 2027 unchanged at $5,150/ounce, saying it was a balance between the scenario of the market returning to normal and the scenario of the central bank continuing to hoard gold strongly.
With the same optimism, Morgan Stanley said gold could reach $4,500/ounce by mid-2026, thanks to strong physical demand from ETFs and central bank net buying amid gloomy global economic prospects.
Morgan Stanley noted that gold has fallen into the redundant buying zone according to the RSI (Relative Strength Index) warning, but the recent correction has returned the market to a healthier state, improving investment position.
However, Morgan Stanley also warned of some downside risks such as strong fluctuations that could cause capital flows into other assets, or if the central bank cuts down on gold holdings, which could put pressure on the market.
In parallel, HDFC Securities - a major securities and financial services brokerage in India - commented that the attractiveness of gold is growing in the context of persistent inflation, expectations of real interest rates decreasing and weak trust in legal documents.
The company recommends that investors should allocate 5-10% of their portfolios to gold and silver, and can increase the proportion depending on risk appetite. According to HDFC, although short-term fluctuations still occur, the medium- and long-term outlook for gold is still strong in terms of structure.
The world gold price at 5:40 a.m. on December 5, Vietnam time, was trading at 4,224.67 USD, up 11.52%, equivalent to an increase of 0.28%.
Regarding domestic gold prices, SJC gold bar prices are trading around 153 - 154.5 million VND/tael (buy - sell). The price of 9999 Bao Tin Minh Chau gold rings is trading around 151 - 154 million VND/tael (buy - sell).
