In a world marked by geopolitical uncertainty and monetary tensions, gold remains the ultimate safe-haven asset. After an exceptional 2025 with prices climbing nearly 50%, forecasts for 2026 remain bullish. According to analysts at J.P. Morgan, the gold price could reach $4,000 per ounce (approximately €3,680) by mid-2026, driven by central bank purchases. Goldman Sachs anticipates a peak of $4,900 (approximately €4,508), while Bank of America targets €5,000 (approximately €4,600) in the event of increased “fiscal dominance” in the United States.
These projections are underpinned by record central bank purchases in 2025 (over 900 tonnes according to the World Gold Council). Institutions such as the People’s Bank of China and those of India are diversifying their reserves against de-dollarisation and geopolitical sanctions. Gold now accounts for a larger share of global reserves than US Treasury bonds, as Morgan Stanley explains.
“Record central bank purchases in 2025 (over 900 tonnes according to the World Gold Council) support a sustained rally, with forecasts reaching new highs in 2026.” — Commodity Markets Outlook Report, World Bank (December 2025)
This rally rests on structural factors: persistent inflation, Fed rate cuts and electoral uncertainties in 2026. Deutsche Bank forecasts an average price of $4,450 (approximately €4,094) in 2026. For Luxembourg investors, diversify with investment coins such as the Krugerrand or the Maple Leaf, exempt from VAT. At LuxCoins, we provide allocation advice tailored to your profile.
In conclusion, 2026 will consolidate gold’s leadership, potentially reaching €4,600 per ounce if tensions persist. Ready to secure your portfolio? Request our free guide “Investing in Physical Gold in Luxembourg” or contact us for a personalised appraisal.
Gold at €4,600 per ounce in 2026: Why are central banks buying massively?
In a world marked by geopolitical uncertainty and monetary tensions, gold remains the ultimate safe-haven asset. After an exceptional 2025 with prices climbing nearly 50%, forecasts for 2026 remain bullish. According to analysts at J.P. Morgan, the gold price could reach $4,000 per ounce (approximately €3,680) by mid-2026, driven by central bank purchases. Goldman Sachs anticipates a peak of $4,900 (approximately €4,508), while Bank of America targets €5,000 (approximately €4,600) in the event of increased “fiscal dominance” in the United States.
These projections are underpinned by record central bank purchases in 2025 (over 900 tonnes according to the World Gold Council). Institutions such as the People’s Bank of China and those of India are diversifying their reserves against de-dollarisation and geopolitical sanctions. Gold now accounts for a larger share of global reserves than US Treasury bonds, as Morgan Stanley explains.
This rally rests on structural factors: persistent inflation, Fed rate cuts and electoral uncertainties in 2026. Deutsche Bank forecasts an average price of $4,450 (approximately €4,094) in 2026. For Luxembourg investors, diversify with investment coins such as the Krugerrand or the Maple Leaf, exempt from VAT. At LuxCoins, we provide allocation advice tailored to your profile.
In conclusion, 2026 will consolidate gold’s leadership, potentially reaching €4,600 per ounce if tensions persist. Ready to secure your portfolio? Request our free guide “Investing in Physical Gold in Luxembourg” or contact us for a personalised appraisal.