Global gold market price trends and forecasts

Citi forecasts gold to hold flat near-term, then rally to $5,000 by 2027

Gold prices reached $4,077 per ounce and 6,175 Turkish liras per gram.

By July 30, 2026, gold was trading at $4,077 per ounce and 6,175 Turkish liras per gram.

UBS had previously published an explanation regarding the conditions necessary for gold prices to trend higher during the second half of 2026, noting that maintaining prices above $4,000 would require a recovery in investment demand and continued central bank purchases at approximately 300 tonnes per quarter.

UBS explains what it would take for gold prices to turn higher in 2H26

No separate article for this desk or language yet.

Central banks bought 289 tonnes of gold in the second quarter.

During the second quarter of 2026, central banks purchased 289 tonnes of gold. Total purchases for the first half of the year reached 345 tonnes, with an annualized purchase rate of 700 tonnes.

Total investment demand for gold declined to 262 tonnes in the second quarter.

During the second quarter of 2026, total investment demand for gold decreased to 262 tonnes, down from 487 tonnes in the same period of the previous year.

This decline in investment demand was driven by outflows from gold-backed exchange-traded funds (ETFs). In the same period, bar and coin demand also fell to 307 tonnes, which was lower than the levels of over 400 tonnes seen in the two preceding quarters.

Bar and coin demand fell to 307 tonnes in the second quarter.

During the second quarter of 2026, demand for gold bars and coins fell to 307 tonnes. This figure represented a decrease compared to the previous two quarters, which had seen demand levels exceeding 400 tonnes, according to the World Gold Council.

In the period leading up to this, gold prices lost upward momentum as weakening investment and jewelry demand were compounded by rising mine production, limiting potential price gains.