Hua Seng Heng expects gold to hit $5,000 by end of 2026, SCB sees further upside

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Hua Seng Heng Gold Futures estimates global gold prices at around $5,000 per ounce by the end of 2026, with domestic gold prices likely to trade in a range of 75,000 to 75,700 baht per baht-weight of gold, under an assumption of the baht at 31.70 to 32.00 baht per dollar. Sirilak Pakotiprapha, Director of the Analysis Department, said that over the past 20 years gold prices have risen more than eightfold, and in 2025 gold demand reached a record high of 5,000 tonnes, driven by buying from retail investors worried about missing out. In 2026, gold prices hit a record high of $5,595 per ounce in January before declining between March and June amid the Iran war and inflation concerns. Wachiravat Banchuen, Senior Financial Markets Strategist at SCB Financial Markets, Siam Commercial Bank, estimates global gold prices at $4,900 to $5,000 per ounce by the end of 2026, with a chance of rising above $5,000 per ounce in 2027. He expects central banks worldwide to buy a net 50 tonnes of gold per month in 2026 and 40 tonnes per month in 2027, and sees the baht trading in a range of 33.30 to 33.80 baht per dollar over the next one to two months and at 32.80 to 33.80 baht per dollar by the end of the year.

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Hua Seng Heng and SCB forecast gold at $4,900-5,000/oz by end-2026 with record demand and central-bank buying supporting prices.

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