Gold Price Today Highlights: Will gold continue to shine in 2026? Check targets and outlook for bullion

Gold rates increased in the domestic futures market on Friday (2 January) morning on healthy spot demand and the dollar's fall against its peers. MCX gold February futures were 0.69% up at ₹1,36,742 per 10 grams

Sugandha Sachdeva, Founder of SS WealthStreet, expects gold to find strong near-term support around ₹1.29 lakh per 10 grams, with major medium-term support placed near ₹1.21 lakh per 10 grams.

Looking ahead into 2026, gold prices are seen heading towards the ₹1.85 lakh– ₹2 lakh per 10 grams zone, supported by a confluence of powerful macro tailwinds, said Sachdeva.

After an exceptional run in 2025, Choice Broking maintains a constructive outlook on gold for 2026, viewing the rally as structurally driven rather than speculative. The brokerage highlights that gold’s surge has been underpinned by macro stability, sustained central bank demand, and expectations of monetary easing, creating a supportive environment for prices even at elevated levels.

Choice Broking believes gold is well positioned to extend its rally into 2026, supported by sustained central bank buying and favourable macroeconomic conditions. A key driver has been aggressive accumulation by central banks, led by China’s purchase of over 400 tonnes of gold in 2025, reinforcing gold’s role as a strategic reserve asset. Expectations of continued easing by the US Federal Reserve have further supported prices, although the brokerage cautions that intermittent volatility could arise from real interest rate movements or US dollar strength.

Gold delivered a stellar 65% rally in 2025, rising above ₹1,40,000 per 10 grams in the domestic market and touching a peak of $4,550 in spot prices. According to Choice Broking, the next upside targets for gold lie in the $4,400–$5,000 range, translating to ₹1,46,700– ₹1,55,000 per 10 grams. On the downside, key support levels are placed at ₹1,20,900 and ₹1,06,000, suggesting the broader trend remains firmly bullish despite short-term corrections.

After a powerful run, many investors are questioning whether gold has more upside left. SAMCO argues the rally is far from over, driven by deeper changes in the global financial system. The confiscation of Russian assets by Western nations dented confidence in dollar-based reserves, accelerating central banks’ shift toward gold.

As a result, central banks have steadily reduced US Treasury exposure, with gold becoming a preferred reserve asset in 2025. Strong ETF inflows and the expansion of global gold storage infrastructure point to sustained institutional demand. More importantly, gold is now being used increasingly in cross-border settlements outside the dollar framework. SAMCO believes this structural demand, rather than short-term speculation, could push gold prices higher in 2026 and beyond.

Gold’s rally is no longer being driven only by inflation fears. According to SAMCO, the world is in the middle of a monetary reset, where gold is emerging as an anchor asset rather than just a hedge. Trust in the US dollar weakened after the US and EU froze Russian assets following the Ukraine invasion, prompting central banks to rethink reserve strategies.

In 2025, global central bank gold holdings exceeded US Treasury holdings for the first time, marking a major structural shift. At the same time, ETF inflows added momentum to gold prices, while new gold vaults came up across China, Saudi Arabia, Hong Kong and Central Asia. With gold increasingly being used as a settlement asset outside the dollar system, SAMCO believes these forces could keep gold prices well supported through 2026.

The import duty cuts on gold and silver from 15% to 6% should have catalysed consumption; however, the unchanged 3% GST continues to limit retail demand. Meanwhile, 50% US tariffs on jewellery exports create headwinds that lower import tariffs cannot fully offset. India’s copper demand is poised to accelerate as data centre capacity expands to 4–8 GW by 2030, said Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings.

According to Ventura, the runway is set for the Year 2026 to have an extended rally in Gold. The cocktail could be powered by the Central bank buying, stubborn inflation, widening US deficits and concerns around the US economy and tariffs. The expectations of 75 bps FED rate cuts could keep the gold bid going. Gold's bullish story is still unfolding and possibly far from over. As a hedge against inflation institutional investors could chip in, followed by the retail and speculators participation in the market volatility seeking safety. This could result in an expected price range of $4600 - $4800

Precious metals started the New Year higher on Friday, as gold climbed a little from a two-week low hit in the previous session, while the others also pared some losses accumulated in the past week, even as the metals notched unprecedented gains in 2025. Spot gold rose 0.8% to $4,346.69 per ounce as of 0019 GMT, after hitting a record high of $4,549.71 on December 26. It fell to a two-week low on Wednesday. U.S. gold futures for February delivery gained 0.5% to $4,360.60/oz.