Nikos Kavalis

We expect 2026 will be yet another exceptionally strong year for gold prices. Barely two weeks into it and markets have already had to contend with the U.S. operation in Venezuela, protests in Iran, suggestions that the U.S. government may intervene in the defence and real estate markets and news of a criminal investigation into Jay Powel. Meanwhile, concerns about overvalued equity markets remain elevated, the war in Ukraine continues, Israel’s conflicts with its neighbours are far from resolved and there remains much uncertainty around US trade policy. As a result of all this, gold has already rallied to fresh all-time highs above the $4,600 mark. While it is becoming impossible to make any sensible predictions against this volatile, policy markets and geopolitical backdrop, we are confident that the case for investing in gold will remain strong throughout this year and most likely beyond. We therefore see prices continue to trend upwards, breaking through a series of all-time highs, peaking at $5,500 before the end of the year.