Gold Price Record Highs Predicted Despite India’s Pullback - northdesk.in

AI desk brief

Goldman Sachs’ Tony Kim said gold’s 2026 pullback is an “elongated pause,” not a top, and reiterated the bank expects fresh record highs ahead. He pointed to a structural shift in demand: annual mine supply is about 3,500t, while central bank buying has increased from roughly 400–500t/year before 2022 to about 1,000–1,100t/year now, leaving less metal available for jewellery, ETF and private investment demand.

Kim framed $4,000/oz as a solid floor for gold, with sovereign and institutional buyers likely to defend that level, and said the next key catalysts are the upcoming CPI print and the Fed’s September meeting. He also linked the recent stall to Fed chair uncertainty and US-Iran-related disruption across energy, agriculture and metals markets. On silver, he was more cautious, saying it is a smaller, more volatile market that could settle anywhere from $50 to $100/oz depending on investment appetite, with no central-bank bid to anchor it.

The India angle adds a potential drag on retail demand, as PM Modi has urged households to curb gold buying to support the rupee. Still, the piece’s core message is bullish for gold on the back of persistent official-sector accumulation and tight available supply. Near term, traders will watch whether macro data and the Fed reinforce the “higher for longer” gold bid or trigger further consolidation after the summer pullback.