Gold to Hit Record Highs in 2026 on Central Bank Buying, Fed Rate Cuts: ING

SEATTLE (Scrap Monster): Gold prices are expected to reach fresh record highs in 2026, supported by strong central bank demand, anticipated US interest rate cuts, a weaker dollar and ongoing geopolitical risks, according to ING’s Commodities Outlook 2026. The report said these factors should sustain bullish momentum in the precious metals market.

ING forecasts gold prices to average $4,325 per ounce in 2026. Expectations of further policy easing by the US Federal Reserve remain a key driver, as lower interest rates typically boost gold’s appeal as a non-yielding asset.

Central banks have continued to add gold to their reserves as part of diversification strategies. In the third quarter of 2025, official sector purchases reached an estimated 220 tonnes, up 28 percent from the previous quarter. Poland, China and Kazakhstan were among the most active buyers. ING said concerns over sanctions and potential asset freezes have encouraged stronger official demand.

Silver prices also hit new highs in 2025, driven by supply deficits and strong industrial demand. ING expects silver to average $55 per ounce in 2026, supported by tight supply and favourable macroeconomic conditions. Market conditions remain supportive amid easing monetary policy and demand.