Bualuang Securities assesses a base-case gold price target of 4,700 dollars per ounce and a best-case target of 5,100 dollars per ounce, while maintaining a positive view on gold prices for the rest of the year. This comes after prices broke through resistance at 4,300 dollars to stand around 4,500 dollars per ounce, or a rise of about 13 percent over two weeks. Key support came from central bank buying, with net purchases of 289 tonnes in the second quarter of 2026, up more than fivefold from the first quarter of 2025, with Poland the largest buyer. Total gold demand in the first half rose 2 percent from a year earlier to 2,522 tonnes, and flows into gold ETFs began to recover after the end of the second quarter of 2026.
Central bank buying and ETF inflows support gold prices, with targets raised to 4,700-5,100.
Bualuang Securities raises gold price targets, reflecting positive outlook for its commodities research.
