Gold Prices Could Hit $5,000 Again as Investors Pour $18 Billion into ETFs

Investors poured $18 billion into gold-backed exchange-traded funds (ETFs) in August, marking the second-largest monthly inflow on record according to the World Gold Council. This surge in investment comes despite gold prices being down 23% from their January 2026 high of $5,608.

The big banks seem to agree that this dip is a buying opportunity. Ryan McKay, senior commodity strategist at TD Securities, expects the next leg higher in gold and projects the price to climb past $5,000 in 2027. Analysts at BMO Capital Markets share a similar view, forecasting gold prices pushing back above $5,000 in the first quarter of 2027.

Strategists at UBS also forecast the gold price will hit $5,000 by the first half of 2027. While some experts believe that higher interest rates could cause gold to sell off more, big players are still buying on the dip. This includes central banks and high-profile investors like Ray Dalio and Jeffery Gundlach.