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Gold jewellery on display at a shop.
Global gold prices could surge to unprecedented highs over the next two years, driven by aggressive official bullion accumulation by central banks and sustained macroeconomic uncertainty, according to a report by the Financial Times citing leading fund managers.
Provisional data compiled by the World Gold Council shows global central banks purchased approximately 63 tonnes of gold in September alone—the largest single-month acquisition in two years. Despite temporary sell-offs by select nations following geopolitical clashes involving the United States, Israel, and Iran, sovereign appetites for gold as a bedrock safe-haven asset remain exceptionally robust.
The bullish medium-term outlook persists even as spot bullion dipped 2% to $4,075 per troy ounce amid speculation surrounding potential interest rate hikes by the US Federal Reserve. Earlier this year in January, gold touched an all-time record when it breached $5,500 per troy ounce.
Charlotte Yonge, fund manager at Troy Asset Management, noted that eroding faith in fiat currencies and ballooning US sovereign debt position bullion as the premier safeguard against fiscal deterioration. Concurrently, Paul Carne of Aon Investments and Peter Marrone, CEO of Allied Gold, emphasized that declining confidence in the US dollar is prompting family offices and emerging-market central banks to rotate away from government debt instruments into bullion reserves. The People’s Bank of China has consistently expanded its bullion stockpile in recent months, bringing gold holdings to roughly 2,410 tonnes, or 9% of its total foreign exchange reserves. Industry executives, including Endeavour Mining CEO Ian Cockerill and Standard Chartered analyst Suki Cooper, underscored that these macroeconomic fundamentals provide a solid floor for gold's next long-term upward trajectory.
