Central bank demand underpins prices

A summary of the most important gold news and analysis of the last week.

Gold price: $4,114.88 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: -$61.65 (-1.48%)

This week’s summary of gold news and analysis.

• Gold: Central bank demand underpins prices – ING [FXStreet]

• Gold price may have found its floor as liquidation gives way to consolidation – Saxo Bank [Kitco]

• De-dollarization alert: central banks plan to keep swapping dollars for gold [FXStreet]

• Gold had a rough Q2, but central bank demand will push prices higher through 2026 – Invesco [Kitco]

• Gen Z buys gold like never before [BullionVault]

"Gold buying leaps among younger investors..."

• Gold’s epicentre is shifting to Asia, with prices buoyed by regional demand: analysts [The Business Times]

"Asia is emerging as the new centre of gravity for the global gold market, with resilient regional demand supporting bullion prices as Singapore and Hong Kong strengthen their gold trading infrastructure."

• I am contemplating selling some of my bitcoin for gold, veteran trader Peter Brandt says [CoinDesk]

"Veteran trader Peter Brandt said gold is going to gain substantially on bitcoin."

• BofA cuts 2026 average gold forecast, sees long-term upside [Reuters]

"On Tuesday, Bank of America said it is reducing its 2026 average gold forecast ​by 14% to $4,360 an ounce, citing a more hawkish Federal Reserve."

• JPMorgan sees $4,500 gold price in fourth quarter, says risks to downside [Reuters]

• HSBC lowers 2026-27 gold price forecasts on hawkish Fed tilt [Reuters]

"The bank lowered ‌its 2026 average gold price forecast to $4,560 per ounce from $4,864 and its 2027 forecast to $4,925 from $5,000. It said gold could trade between $3,800 and $4,700 for ​the rest of 2026 and end the year at $4,750, ​while its 2027 year-end forecast was $5,025."

• State Street’s baseline scenario sees gold price as high as $5,500/oz by Q1 2027 [Kitco]

• The case for $6000 gold remains [Prinsights]

• Gold price forecast: why the next major move could target $7,000+ [FXEmpire]

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Gold news from a global perspective.

• PBOC extends gold-buying streak to 20 months with biggest increase in current cycle [China Daily]

• China extends gold-buying binge to 20th month amid Beijing’s de-dollarisation push ($) [SCMP]

"PBOC’s bullion holdings keep rising as forex reserves dip in June to US$3.42 trillion and the central bank seeks security from sanctions and US market volatility."

• China’s top ETF is now gold, not stocks [Mining]

• Hong Kong launches central gold clearing system, boosting world’s gold hub status [The Standard (HK)]

• Guinea’s new gold mine hits 60% of annual output target in six months as production jumps [Business Insider Africa]

• Mali creates state body to regulate gold trade [Africanews]

• Poland bought 82 tons of gold this year, central banker says (archive) [Bloomberg]

• Russia’s gold reserves fall below $300 billion in June after sixth straight monthly decline [Kitco]

• Tanzania's central bank buys 28 tons of gold over past 18 months for reserves [Reuters]

• Ancient gold rings spark call for museum [Bangkok Post]

"Calls are growing for Phetchaburi to establish its first provincial museum after archaeologists discovered two more ancient gold rings at the Don Yai Thong archaeological site in Ban Lat district."

• Citi to join ‘club’ of clearing banks controlling London gold market (archive) [FT]

"Bank to join JPMorgan, UBS, ICBC and HSBC as first new clearing member for world’s largest physical gold market in a decade."

• Buy and sell gold with cryptocurrencies with low fees, secured and insured in professional vaults. (sponsor)

• PAX Gold active addresses reach all-time high as profits hit 5-month peak [Crypto Briefing]

"Santiment data shows record wallet activity for the tokenized gold asset even as PAXG trades 26% below its January peak."

Read more about gold-backed cryptocurrencies.

Gold Weekly features curated articles from various sources and is not financial advice.

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