Metals Focus Forecasts Gold Average Price Up 43% to Record $4,920 in 2026 Despite Falling Demand

According to Metals Focus, the independent precious metals research consultancy, global gold's annual average price is forecast to surge 43% in 2026 to a record high of $4,920, even as overall gold demand is projected to decline. Global gold mine production is expected to increase by 2.4% year-over-year to 3,907 tonnes, while gold recycling is forecast to rise 5.1% year-over-year in 2026. Physical investment in bars and coins is set to replace jewelry as the largest component of gold demand for the first time in the research series, driven by investor appetite amid ongoing US policy uncertainty, persistent concerns about the dollar's long-term outlook, elevated geopolitical risks, and stretched equity valuations.
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