In light of gold prices climbing to around US$4,630 ($6,909) an ounce last week, Webull Securities Australia CEO Rob Talevski says the global uncertainty dynamics prompting trends has risen in 2026, “creating a perfect storm for ongoing gold demand”.
According to Trading Economics, the latest record price is supported by growing bets on US rate cuts and increased safe haven demand.
December data points to a moderation in underlying US inflation, reinforcing the view that price pressures are gradually easing and offering a clearer read after earlier figures were distorted by temporary shutdown effects.
Talevski says that unlike equity indices or artificial intelligence (AI) stocks, the dynamics driving the gold price are driven by fear, not greed.
“This fear and greed dichotomy characterises the nature of financial market dynamics today: private investors are chasing returns fuelled by favourably US politics for capital markets, driving the top end of equity indices to new highs; at the same time, central banks as well as global macro investors are expanding allocations to gold, given the potential fallout associated with a breakdown between Wall Street and Main Street, as well as central bank independence,” he says.
According to Talevski, the data is reinforcing this point – notwithstanding the expense of buying gold at current prices, the World Gold Council’s 2025 central bank survey showed the strongest intention of those institutions to continue buying since the survey started in 2019.
“2025 Q3 central bank purchases were up 28% on the previous quarter, and the momentum is further fuelled by broad interest bringing volumes to new and existing gold exchange traded fund issues via equity markets,” he says.
Uncertainty is an ally
As Mining.com.au reported, global uncertainty has emerged as one of gold’s most powerful allies in 2026 and The Perth Mint believes this momentum will continue.
Speaking to Mining.com.au, The Perth Mint General Manager of Institutions and Business Solutions John O’Donoghue says guidance from major global bullion banks points to the precious metal remaining elevated and potentially pushing to fresh record highs.
“As we enter 2026, one of the most immediate factors influencing sentiment is the expectation of US Federal Reserve interest rate cuts,” O’Donoghue says.
“Lower interest rates tend to reduce real yields, which has historically been supportive of gold prices. Broader macroeconomic conditions and investor demand will also continue to play an important role.”
The outlook builds on what already was a blockbuster year, with gold breaking more than 50 price records – ending 2025 at around US$4,330 an ounce as previously reported.
Over the past month, gold’s price jumped 7.12% and is up 69.83% compared to the same time last year.
Write to Aaliyah Rogan at Mining.com.au
Images: World Gold Council & Unsplash
