After touching approximately USD 5,500 per troy ounce in January 2026, gold corrected sharply to about USD 4,100. Experts polled by the Financial Times now say a new peak is possible in the coming 12–18 months. Goldman Sachs, for example, projects a price of USD 4,900 per troy ounce by the end of 2026 — roughly USD 800 above current levels.
Interest in gold was renewed following remarks by Bundesbank President Joachim Nagel during a speech in Sorrento, Italy, earlier this month. Nagel argued for diversifying the Bundesbank’s assets toward higher gold allocations, noting that while rising government bond yields have made those instruments more attractive on returns, growing debt levels have increased concerns over their credit risk.
He also stressed the role of geopolitical risks in central-bank reserve decisions. Such a stance from Germany is notable because German central bankers last bought gold almost 30 years ago, and the Bundesbank historically refrained from acquiring gold even when it held dollar surpluses after World War II, taking into account the country's transatlantic ties.
While Nagel’s comments do not represent a formal decision to buy more gold, any shift in Bundesbank policy could carry significant weight for international financial markets.
A World Gold Council survey of 74 central banks, published in June 2026, found that 45% plan to purchase additional gold over the next year — the highest share since the survey began in 2018. Only one central bank indicated plans to reduce its gold holdings.
“We are in an accumulation phase following the unexpected correction earlier this year. We need to see purchases from different groups of investors, and the signal from central banks, which are the biggest players, is particularly important. It would be especially interesting if Western European central banks joined in, as suggested by the signals we heard last week,” said Victor Dima, Treasury Manager at Tavex Romania. “After that, we would have a signal from the market and a rapid upward movement in prices towards a new, higher plateau,” he added.
Victor Dima sees the trend as part of a wider monetary shift: “In other words, we are witnessing a slow but significant structural change in the global monetary system,” he explains. “Something even greater than the dismantling of the Bretton Woods system and Richard Nixon's closure of the gold window in 1971. In essence, this represents the gradual displacement of government bonds from their role as the primary reserve asset of central banks and the return of gold to the role it has played for centuries,”
Against this backdrop, forecasts for a new record in gold prices gain additional credibility. The possible entry of a major Western European central bank into active gold buying could be a decisive factor in the precious metal’s next price move.
