Gold News

Wells Fargo forecasts that gold prices could hit record highs by 2026 due to ongoing global economic uncertainty. The bank's analysts project the precious metal may rise to $3,600 per ounce following a potential short-term correction to $3,000–3,200 by late 2025.

Kitco News says the gold market faced extraordinary volatility on Monday amid trade talks between the US and China. Prices were falling despite a weaker dollar.

According to Surbiton Associates, Australian gold mining companies produced 73 tons of gold in the first quarter of 2025. This figure is 6 tons (or 7%) lower than the previous quarter but 3 tons (4%) higher than the first quarter of 2024.

Global gold supply is projected to grow by 1% this year due to record mine production, according to a report by Metals Focus. After reaching a high of 3,661 tonnes in 2024, output is expected to rise to 3,694 tonnes in 2025.

According to official statistics, the People's Bank of China (PBOC) built up its gold reserves for the seventh month in a row in May. Despite ongoing fluctuations in the price of the yellow metal, the regulator continued to diversify its national reserves.

An increase of the indicator value may contribute to the rise in quotes of Gold.

Gold's recent price surge has widened Indian discounts to their steepest level in more than a month, as dealers respond to weak demand caused by soaring bullion costs, the agency noted. Domestic gold traded near 98,300 rupees ($1,144.6) per 10 grams on Friday.

The World Gold Council (WGC) reported that gold-backed exchange-traded funds (ETFs) posted a net outflow of 19.1 tons ($1.83 billion) in May, marking the first monthly withdrawal in five months.

According to consulting firm Metals Focus, central banks worldwide are set to acquire approximately 1,000 tons of gold in 2025. This would mark the fourth consecutive year of large-scale purchases as regulators seek to diversify their financial assets through precious metals.

Gold prices kept rising after the release of weaker-than-expected US economic data. According to Bloomberg, the statistics bolstered market projections of at least two interest rate cuts by the Federal Reserve (Fed) this year to avert a recession.