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Despite gold’s fall from its January peak of $5,594.82 per ounce to $4,070.31 last week, demand for it as a hedge against currency volatility, debt and geopolitical risks has persisted—even though it pays no interest and carries holding costs. Central banks and other official institutions bought around 321 tonnes in the third quarter, up 42% year on year. Meanwhile, retail demand for bars and coins fell 19% to 268 tonnes, while inflows into gold-backed funds returned, adding 211 tonnes. Forecasts for 2027 vary: UBS has set a target of $5,400 per ounce by September, while ING expects an annual average of $4,375. Risks of volatility remain, driven by interest rates and a strong dollar. The World Gold Council cautions that central-bank purchases do not guarantee a price floor: gold is used primarily for diversification and long-term savings, not to secure gains from price fluctuations.
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