Gold Prices Could Top $4,400/oz, TD Securities Forecasts
Analyst points to expected Fed policy easing and strong central bank buying as key catalysts for the precious metal's potential surge.
A strategist at TD Securities has issued a notably bullish forecast for gold, predicting the precious metal could surge past $4,400 an ounce in the first half of 2026. This optimistic outlook is rooted in a confluence of macroeconomic factors, primarily the anticipation of the Federal Reserve shifting to a more accommodative monetary policy.
The forecast hinges on expectations that the Fed will continue to navigate a rising inflation environment. Lower interest rates typically reduce the opportunity cost of holding non-yielding assets like gold, increasing its appeal to investors. This potential policy shift is seen as a critical catalyst for driving prices to new highs.
Further bolstering the case for gold is the relentless demand from global central banks. Analysts highlight that are expected to continue purchasing millions of ounces to shore up their reserves, creating a strong floor for prices. This institutional buying, coupled with renewed investor interest in gold-backed funds, provides a powerful demand-side driver.
Geopolitical instability also continues to play a vital role, reinforcing gold's status as a premier safe-haven asset. While the long-term forecast is ambitious, the combination of expected central bank action and persistent macroeconomic uncertainty creates a compelling environment for the precious metal. As one TD Securities strategist noted, the path is paved for gold to potentially and beyond in the coming years.