Chairman of Seligdar mining group - Mr. Alexander Khrush - said that gold prices are likely to fluctuate in the range of 4,200-4,500 USD/ounce by the end of 2026 and are unlikely to exceed the threshold of 4,500 USD/ounce.
Sharing with RBC Investments at Investors' Day, Mr. Khrush said that forecasting gold prices is not easy because the market is affected by many different factors. However, according to his assessment, the price of gold in ruble could reach about 11,000-12,000 RUB/gram by the end of the year.
He also predicted that the ruble will continue to depreciate against the USD in the last months of the year. Accordingly, gold converted to USD is likely to be in the range of 4,200-4,500 USD/ounce, instead of surpassing the 4,500 USD/ounce mark.
According to Mr. Khrush, at the end of January 2026, gold prices once reached a historical peak when they exceeded 5,600 USD/ounce. However, by the beginning of July, the precious metal had fallen to the 4,100-4,200 USD/ounce range, equivalent to a decrease of about 26% compared to the peak.
In the second quarter of 2026 alone, gold prices recorded the least positive development in 13 years, losing nearly 14% of their value. Pressure on the market mainly came from concerns about rising inflation and the possibility that the US Federal Reserve (Fed) will continue to maintain tight monetary policy or raise interest rates.
A survey by RBC Investments with market experts shows that the majority recommend that investors allocate about 10% of their portfolios to gold. According to experts, gold should be seen as a tool to diversify portfolios and preserve assets, rather than a short-term speculative investment channel.
In early July, JPMorgan lowered its gold price forecast due to weakening demand and the risk of the Fed maintaining a tougher monetary policy than expected. The bank currently forecasts gold prices to reach $4,300/ounce by the end of Q3 and $4,500/ounce by the end of the year, significantly lower than the $6,000/ounce forecast given in early June.
At the same time, Goldman Sachs also adjusted down its year-end gold price forecast to 4,900 USD/ounce, instead of the previous 5,400 USD/ounce.
Meanwhile, a survey by the World Gold Council (WGC) shows that 89% of central banks expect global gold reserves to continue to increase in 2027. At the same time, 45% of central banks surveyed are expected to continue to increase their gold holdings in 2026.
