Gold's bullish case is dominating published research right now, with views lining up across short, medium, and long-term horizons.
The recurring drivers cited: persistent central bank buying — especially aggressive PBoC accumulation tied to post-Ukraine reserve diversification — and geopolitical risk from the US-Iran conflict and Strait of Hormuz disruption. Multiple research notes argue real rates aren't rising fast enough to undercut gold. One structural analysis claims central banks and long-term investors now drive more than half of demand and are largely price-insensitive, creating a durable floor. A contrarian thread points to dollar debasement and BRICS remonetisation as longer-dated catalysts, with one published projection floating $6,000–8,000 over five years.
Dissents exist but are narrow. Some technical work flags a near-term bearish candlestick signal. Another view warns a sharp dollar rally in a liquidity crisis could pressure prices. One camp has taken profits ahead of a possible post-January 2026 correction — while still affirming the secular bull case.