Amid intensifying global political and economic uncertainty, gold prices have surged sharply in recent months, climbing to $4,200 per ounce. Analysts expect the rally to continue, with forecasts pointing to $5,200–$5,300 by the end of next year.
According to Alex Wolf, Head of Macro Strategy at J.P. Morgan Private Bank, gold could reach that range by late 2026 – a gain of more than 25% from current levels. He said the main driver behind the rise will be aggressive gold purchases by central banks in developing economies, where the share of gold in reserves remains comparatively low.
Wolf estimates that by the end of 2025, global central banks will add another 750–900 tonnes of gold to their reserves.
Azerbaijani Expert: “Gold Will Inevitably Become More Expensive”
Financial and banking analyst Akram Hasanov told Bizim.media that further price growth next year is unavoidable, though the scale will depend on how economic and geopolitical trends unfold.
“It’s impossible to name a precise figure for how high gold will rise next year,” he said. “This depends not only on economic factors but also on political ones. But one thing is clear – gold will continue to appreciate. That process will continue into next year.”
Hasanov noted that the current price surge is fundamentally linked to the devaluation of national currencies as governments expand money supply.
“Countries are issuing more and more money. The more money circulates, the lower its value. As a result, gold becomes more expensive. That means the upward trend in gold prices will be permanent,” the expert said.
