New Delhi: Gold prices have surprised investors around the world. Gold has already reached the level it was projected to reach by the end of 2026. In the international
market, the price of gold has crossed 5000 dollars per ounce. Now France’s big banking and research company Societe Generale has presented another big estimate. The company says that gold can go up to $6000 per ounce by the end of the year. In such a situation, the question is whether the stormy rise in gold after silver can be seen.
Gold prices surge above $5000
According to the report of Societe General, gold has crossed the level of 5000 dollars per ounce. This means that the target that was projected to be achieved by the end of the year has already been met. The company said that earlier they estimated that gold would reach 5000 dollars by the end of the year. But now the situation has become such that this goal has already been met.
Gold price projection
In the new report, Societe Generale said that now think that gold can go up to $6,000 per ounce by the end of 2026. The report also mentioned that this estimate is probably too cautious and the price could be even higher. Experts believe that the global situation, inflation concerns and the inclination of investors towards safe options are supporting the price of gold.
Impact of Gold ETF investment
The report states that in the last eight weeks there has been tremendous investment in gold ETFs i.e. exchange-traded funds. During this time about 93 tonnes of gold was added to the ETF. Now the total amount of gold recorded in the ETF has reached 3,120 tonnes. This figure is about 500 tonnes more than a year ago. This makes it clear that big investors and fund managers are fast returning to gold.
According to the report, hedge funds have also held positions in gold to a record level. That means big investors are placing big bets on gold at this time. However, on the other hand, there have been signs of some decrease in the purchases of Central Banks. Yet strong demand from ETFs and investors has kept prices up.
Source: FX Street
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