$5,000 Gold: Central Banks Keep Buying Amid Rising Debt Concerns

Gold prices could reach $5,000 an ounce by the end of 2026 due to central bank buying and rising US debt levels. According to Philip Newman, Managing Director of Metals Focus, gold has strong support at $4,300 an ounce.

Newman believes that the recent US rate hike will have little impact on gold prices because its effects are already factored in. Instead, he sees growing concerns about rising US debt as a key factor for investors.

Central banks continue to be major buyers of gold, with strong purchases in the second quarter and expected decent buying in the third quarter. Newman notes that central banks have been 'really quite pivotal' in providing support to the gold price over the past few months.