Gold: Next leg higher toward $5,000 – TD Securities
TD Securities’ Ryan McKay argues Gold is entering a new bullish phase, with speculative, ETF and central bank flows reinforcing resilience despite further Fed hikes.
TD Securities analyst Ryan McKay predicts that gold is entering a new bullish phase, driven by speculative flows, ETF investments, and central bank demand. The bank anticipates a sustained move above $5,000/oz for Spot Gold into 2027, fueled by growing investor interest, de-dollarization, and Chinese demand. Despite further Fed hikes, gold has proven resilient and could capitalize on the higher interest rate environment.
With three more Fed hikes already priced in, any disappointment would only bolster the metal's upward trajectory. Momentum fund positioning appears clean, ready to reignite the gold rally if discretionary flows return. Central bank buying is also accelerating, with both reported and unreported accumulation expected to surge this year.
Analysts believe there is ample room for investors to add to their positions as gold's outlook improves.
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