
Year | USD | AUD | CAD | CHF | CNY | EUR | GBP | INR | JPY |
|---|---|---|---|---|---|---|---|---|---|
| 2026 | +%9,95 | +%1,24 | +%9,26 | +%8,48 | +%7,07 | +%10,03 | +%9,27 | +%12,82 | +%12,24 |
| 2025 | +%65,52 | +%53,22 | +%57,61 | +%44,52 | +%57,90 | +%45,90 | +%53,85 | +%73,83 | +%64,96 |
| 2024 | +%26,30 | +%38,30 | +%37,10 | +%35,90 | +%30,30 | +%34,20 | +%28,20 | +%29,80 | +%40,90 |
| 2023 | +%12,80 | +%12,60 | +%9,90 | +%2,40 | +%15,70 | +%8,70 | +%6,60 | +%13,40 | +%21,60 |
| 2022 | -%0,30 | +%6,50 | +%6,90 | +%1,00 | +%8,30 | +%6,00 | +%11,80 | +%10,70 | +%13,40 |
| 2021 | -%3,50 | +%2,20 | -%4,10 | -%2,00 | -%6,10 | +%2,90 | -%2,50 | -%1,60 | +%7,50 |
| 2020 | +%24,60 | +%13,60 | +%22,20 | +%14,00 | +%16,90 | +%14,40 | +%20,90 | +%27,90 | +%18,50 |
| 2019 | +%18,90 | +%19,30 | +%13,00 | +%17,10 | +%20,30 | +%22,70 | +%14,20 | +%21,60 | +%17,70 |
Compared to other major assets, Gold outperformed Silver, Bitcoin, and NASDAQ 100.
Institution Name | 2026 Gold Price Forecast | Outlook |
|---|---|---|
| World Bank | $3.575,00/oz (annual average price forecast) | Cautious/Conservative |
| Goldman Sachs | $4.900,00/oz (December 2026) | Optimistic |
| JPMorgan Chase | $5.055,00/oz (December 2026); $4.753,00/oz (annual average price forecast) | Optimistic |
| Bank of America | $5.000,00/oz | Optimistic |
| Standard Chartered | $5.000,00/oz | Optimistic |
| UBS | $4.900,00/oz (December 2026) | Optimistic |
Influencing Factors | Mechanism | Key Indicators to Monitor | Price Impact Direction |
|---|---|---|---|
| USD Strength | Gold is priced in U.S. dollars. When the dollar weakens, the effective cost of buying gold in other currencies declines, supporting demand and prices; when the dollar strengthens, the opposite effect tends to occur. | DXY (U.S. Dollar Index) | Inverse |
| Inflation | When inflation rises, gold's role as a physical store of value typically draws attention. However, this relationship is not stable. Real interest rate (nominal interest rate – inflation rate) is the more critical factor: if inflation is accompanied by a significant increase in interest rates, the resulting increase in real interest rates may put greater downward pressure on gold prices. | CPI (Consumer Price Index) PCE (Personal Consumption Expenditures Price Index) | Depends on the real interest rate |
| Interest Rate Outlook | Gold often reacts ahead of changes in the real interest rate, driven by the market expectations for future rate cuts or hikes. Expected rate cuts tend to lower forward real interest rates and support gold prices, while expected rate hikes or delayed rate cuts tend to weigh on gold prices. This is a forward-looking momentum that drives gold prices. | CME FedWatch (rate cut probability) 2Y UST (2-Year US Treasury yield) OIS (Overnight Index Swap expectations) | Inverse |
| Real Interest Rate | Real Interest Rate = Nominal Interest Rate – Inflation Rate. Gold does not generate returns, so rising real interest rates increase the opportunity cost of holding gold. As a result, capital may shift toward yield-bearing assets, putting pressure on gold prices. | TIPS (Treasury Inflation-Protected Securities real yield) | Inverse |
| Central Bank Gold Purchases | Central banks include gold in their official reserves. When major central banks are in a net buying cycle, this can provide structural support for physical gold demand to some extent. However, central bank buying tends to act more as a floor under prices than as the main driver of price trends. | WGC (World Gold Council central bank demand reports) | Positive |
| Geopolitical Risk | Geopolitical events do not necessarily drive gold prices higher—the key factor is whether they trigger real safe-haven flows. If the VIX rises, U.S. Treasury yields fall, and there is substantial capital outflow, gold often benefits. If conflicts do not lead to broader risk sentiment, the impact on gold prices may be limited or even negative. | VIX (Cboe Volatility Index), 10Y UST (10-Year U.S. Treasury yield) | Positive |
| ETF and Institutional Fund Flows | Changes in gold ETF holdings (such as SPDR GLD) reflect institutional sentiment. Large-scale net purchases or redemptions can directly impact physical gold demand, which in turn affects spot prices. | GLD/IAU (Gold ETF holdings), CFTC (Commodity Futures Trading Commission net longs) | Positive |
Convert between Gold weight units and currencies based on the current real-time Gold price of $4.722,51 per ounce.
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