World Gold Council Chairman predicts gold price to reach $5,000 an ounce

World Gold Council highly predicts gold to surpass $5,000 threshold

World Gold Council CEO David Tait said the probability of gold reaching $5,000 an ounce is very high.

In an interview with Bloomberg Middle East Economic Digest on Tuesday, Tait explained that his optimistic outlook for gold stems from global anxiety and continued buying by central banks, particularly in developing countries.

He noted that the direct impact of US tariffs on gold's upward trajectory was minimal, and that the tariffs shifted the US debt yield curve upward due to shaken confidence and sudden decisions, rather than macroeconomic factors, leading to a wave of hedging through gold.

Tait added that central banks also rushed to buy gold out of fear of a global financial collapse, and he predicted that developing countries and countries with fragile currencies would continue buying.

He pointed out that forecasts had indicated global gold purchases would reach 700 tons this year; "but we have seen some slowdown, with purchases so far reaching 600 tons."