Gold prices slipped as investors booked profits and turned cautious ahead of next week’s US Federal Reserve meeting. However, the World Gold Council stated that prices could rise by between 15% and 30% in 2026.
As of 5:25:17 GMT-5. Market open.
Gold futures (GC=F) slipped 0.3% to $4,220.10 per ounce, while spot gold retreated 0.3% to $4,190.13 an ounce at the time of writing.
Read more: Should you invest in gold?
“With investors a bit cautious ahead of the FOMC (Federal Open Market Committee) meeting, the market is largely pricing that the Fed will cut by 25 basis points… What the market needs now is a fresh trigger for (gold) prices to move higher,” ANZ commodity strategist Soni Kumari said.
Kumari highlighted ongoing profit-taking and added that any slide toward $4,000 would likely attract new buyers, given gold’s (GC=F) strong fundamental backing.
Meanwhile, the World Gold Council (WGC) said investment demand, particularly via gold (GC=F) exchange-traded funds (ETFs), would remain a key driver, offsetting weakness in other areas such as jewellery or technology.
“The combination of falling yields, elevated geopolitical stress and a pronounced flight-to-safety would create exceptionally strong tailwinds for gold (GC=F), supporting a sharp move higher. Under this scenario gold could surge 15-30% in 2026 from current levels,” the WGC report said.
Oil prices edged higher on Thursday as attacks on Russian oil infrastructure by Ukraine raised the prospect of supply constraints, while stalled peace talks tempered hopes of a swift return of Russian crude to global markets. Gains were limited, however, amid ongoing concerns over weak fundamentals.
As of 5:25:30 GMT-5. Market open.
BZ=F CL=F
Brent crude (BZ=F) futures rose 0.3% to $62.85 per barrel at the time of writing, while West Texas Intermediate (WTI) (CL=F) futures climbed 0.4% to $59.16 a barrel.
Ukraine targeted the Druzhba pipeline in Russia’s central Tambov region on Wednesday, according to a Ukrainian military intelligence source. The strike marked the fifth attack on the pipeline, which transports Russian oil (BZ=F, CL=F) to Hungary and Slovakia. Both the pipeline operator and Hungary’s oil and gas company later said that supplies were continuing as normal.
“Ukraine’s drone campaign against Russian refining infrastructure has shifted into a more sustained and strategically coordinated phase,” consultancy Kpler said in a research note. The strikes now hit refineries in repeated cycles, preventing key assets from stabilising.
Read more: Gold rally rubs off on silver
Kpler added that Russian refining throughput fell to around 5 million barrels per day between September and November, a decline of 335,000 bpd year-on-year, with gasoline output hardest hit and gasoil production also materially weaker.