The Bank of Ghana (BoG) has projected that gold prices will average US$4,500 per fine ounce in 2026, taking a more cautious stance than many international market analysts who anticipate prices hovering around US$5,000 per ounce.
Speaking on the outlook, BoG Governor Dr. Johnson Asiama said the central bank’s projection reflects a careful assessment of global economic conditions, even as sentiment around gold remains broadly bullish.
“Gold prices are broadly projected to remain bullish in 2026. While most international analysts expect gold to trade above US$5,000 per fine ounce, the Bank of Ghana conservatively projects an average price of US$4,500 per fine ounce,” Dr. Asiama noted. He added that this outlook also considers the World Bank’s lower projection of US$3,575 per ounce.
According to the Governor, gold prices are expected to remain well supported by several factors, including strong safe-haven demand driven by rising geopolitical and geoeconomic tensions, continued purchases by central banks, and market expectations of further interest rate cuts by the United States Federal Reserve.
The BoG’s forecast comes at a time of renewed momentum in the global gold market. Prices have surged to fresh record levels, with spot gold climbing by as much as 2.5 percent to nearly US$5,111 per ounce, briefly pushing the metal beyond the US$5,100 mark as investors seek safety amid escalating global uncertainties.
Overall, the Bank of Ghana’s outlook highlights the resilience of gold prices while reinforcing the central bank’s preference for prudence in its macroeconomic and external sector projections, despite increasingly optimistic expectations from global market analysts.
