Gold prices continue to attract the attention of international investors when the In Gold We Trust annual report (a famous annual report on the global gold market and currency system issued by Austrian fund management company Incrementum AG since 2007) raised the long-term forecast to 8,900 USD/ounce by the end of this decade.
In the 20-year anniversary report titled "Back to the Monetary Future", two authors Ronald-Peter Stöferle and Mark Valek believe that the strong increase in gold in the past time is not a short-term speculative phenomenon, but reflects the process of "re-currencularization" of precious metals in the global economy.
According to the analysis group, geopolitical fluctuations, the trend of dedollarization, prolonged inflation and a decline in confidence in legal tender are promoting the role of gold as a neutral currency asset.
The report emphasizes that gold prices once peaked at 5,595 USD/ounce in January 2026 after increasing by 64.4% in 2025 - the strongest increase since 1979.
Incrementum AG said that the "golden decade" that this organization mentioned in its 2020 report is still taking place strongly. Since then, gold prices have increased by about 165% against the USD.
Notably, the analysis group believes that the gold market is currently entering a "public participation" phase, often considered the longest and most vibrant phase of a price increase cycle.
“The target of 4,800 USD/ounce by 2030 that we set in 2020 has become a reality in 2026. We are now moving to an inflation scenario with a target of 8,900 USD/ounce by the end of the decade,” the report stated.
According to Incrementum AG, gold is increasingly seen not only as a commodity or safe-haven asset, but also as a strategic reserve in the new global monetary order.
One of the clearest signals is the strong gold buying activity of central banks. The report said that central banks bought 863 tons of gold in 2025, after three consecutive years of buying exceeding 1,000 tons/year.
In addition, the report also mentioned the possibility of the US considering revaluing its national gold reserves, which are currently still recorded at 42.22 USD/ounce in the US Treasury Department's books, much lower than the market price around 4,600 USD/ounce.
Despite maintaining a long-term optimistic view, Incrementum AG warns that gold prices may still fluctuate sharply in the short term due to pressure from bond yields, liquidity tensions and volatility in the financial market.
The analysis group forecasts that gold prices may fluctuate in the 4,500-4,950 USD/ounce range this summer before continuing the medium-term upward trend. At the same time, any correction is considered a buy opportunity for long-term investors.
