Gold hit a record high of US$4,510 per ounce, up 72% from last year. Analysts predict further climb to US$5,000 amid geopolitical tensions and central bank buying spree. China discovered Asia’s largest undersea gold deposit.

Local prices surged, with gold in Hong Kong hitting US$5,382 per tael. Analysts forecast gold to reach US$5,000 per ounce in 2026. Central banks and individual investors seek safer alternatives amid geopolitical tensions and rate cuts.

Goldman Sachs raised its gold price forecast to US$4,900 per ounce by December 2026. Morgan Stanley predicted US$4,500 per ounce by mid-2026. Bank of America and JPMorgan expected prices to surpass US$5,000 per ounce by end of 2026.

China reduced its US Treasury holdings to a 17-year low and extended gold-buying streak for 13th month. Hong Kong government plans to position the city as a global commodities trading hub in 2026.

Hong Kong government plans to establish a gold central clearing system and deepen cooperation with Shanghai Gold Exchange. Traders believe factors supporting gold show no sign of disappearing soon. Investors consider gold as insurance against policy error and systemic shocks.

Innes from SPI Asset Management emphasizes the role of gold as insurance against policy errors and currency debasement. Central bank buyers are price-agnostic due to rising importance of insurance. Gold is seen as a safe-haven asset amid global uncertainties.

Read more at Yahoo Finance: prices surge as rally heads towards US$5,000 in 2026, analysts forecast