In early trading on the 12th, spot gold (London spot gold) experienced a strong rally, breaking through the previous intraday record high of $4,550.520 per ounce set on December 29, 2025, to set a new all-time high. As of the time of writing, it was trading at $4,550.880 per ounce, up 0.93%. COMEX gold futures rose in tandem.
Data previously released by the central bank showed that China's gold reserves stood at 74.15 million ounces (approximately 2,306.323 tonnes) at the end of December 2025, an increase of 30,000 ounces (about 0.93 tonnes) from the previous month, marking the 14th consecutive month of gold accumulation.
The latest report from the World Gold Council indicates that gold had an impressive performance in 2025, repeatedly刷新ing historical records, and based on current price levels, gold prices are expected to rise by another 15% to 30% in 2026. The World Gold Council anticipates that investment demand—particularly allocations through gold ETFs—will continue to be a key driver, offsetting weak demand from the jewelry and technology sectors.
Dan Struyven, Global Co-Head of Commodities Research at Goldman Sachs, previously stated that the Federal Reserve's interest rate cuts are driving monetary policy normalization, such as cutting rates amid easing core inflationary pressures rather than to stimulate economic activity, and this type of rate cut is most likely to push metal prices higher, especially precious metals and copper.
A report from Maike Futures suggests that whether the U.S. economy can gradually stabilize with the support of monetary easing in 2026, thereby stabilizing the U.S. dollar index, is a crucial factor affecting precious metal prices. It is expected that in the short term, prices for precious metals like gold and silver will fluctuate repeatedly within a range, seeking support and resistance levels to digest potential monetary policy expectations and geopolitical risk perceptions.
Looking ahead to the 2026 gold market, CITIC Securities believes that the upward trend for gold remains highly certain, primarily driven by expectations of dual monetary and fiscal easing in the United States and the difficulty of quickly dissipating U.S. economic stagflation pressures. Under a neutral assumption, their model forecasts that the international gold price could exceed $5,100 per ounce by the end of 2026.
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