Gold Market Outlook 2026: Supply Constraints and Price Catalysts
Navigate the gold market with data-driven insights and actionable investment analysis
Report Summary
This report provides a comprehensive analysis of the global gold market for 2026, examining supply constraints from declining ore grades and geopolitical factors affecting major producers. We analyze central bank buying trends, with emerging market central banks adding 1,136 tonnes in 2024 alone, alongside ETF flows and retail investment demand to project price catalysts. The report includes detailed cost curve analysis across 50+ major producers, identifying that 15% of global production operates above $1,800/oz AISC. Our base case projects gold prices reaching $2,450/oz by Q4 2026, with upside scenarios to $2,800/oz under heightened geopolitical stress.
What's Inside
Table of Contents
- 1.Executive Summary
- 2.Global Gold Supply Analysis
- 3.Mine Production Trends by Region
- 4.Cost Curve Analysis: 50+ Producers
- 5.Central Bank Demand Outlook
- 6.ETF and Institutional Flows
- 7.Retail and Jewelry Demand
- 8.Price Projections and Scenarios
- 9.Risk Factors and Sensitivities
- 10.Investment Implications
- 11.Appendix: Data Tables
Charts & Data Tables
- •Global mine production by country (2020-2026E)
- •All-in sustaining cost curves by producer
- •Central bank gold reserves (2015-2026)
- •ETF holdings vs gold price correlation analysis
- •Supply-demand balance forecast (2024-2028)
- •Price scenario analysis with probability weights
- •Producer margin sensitivity to gold price
- •Regional production cost comparison
What's Included
Other Reports That May Interest You
Silver Investment Thesis: Industrial Demand Meets Monetary Metal
Deep dive into silver's dual role as industrial commodity and precious metal, with supply deficit analysis.
Junior Gold Miners: Exploration Success and M&A Targets
Identification of undervalued exploration companies with significant discovery potential.
Gold Producer Cost Curves: Q4 2025 Update
Quarterly update on all-in sustaining costs across major gold producers globally.