Will gold still have a positive outlook tomorrow? I just noticed that gold prices in 2026 remain on a continuous upward trend, with targets between $5,000 and $6,000 per ounce, driven by central bank demand, diversification from the dollar, and ongoing geopolitical crises.

Interestingly, the gold price in Thailand has also surged to 70,000 baht, which is no coincidence. This is due to both rising global gold prices and the weakening of the US dollar. Additionally, domestic factors have contributed to the rapid price increase.

Another point of interest is the relationship between the Thai baht and gold prices. In 2026, global gold prices soared faster than the strengthening of the baht could contain. The baht appreciated past 31.00 baht per US dollar, reaching 30.88 baht, the strongest in nearly five years.

The main reason is the "Gold-Baht Correlation." Investors and gold traders sell gold to lock in profits when prices rise and convert foreign currency back into baht. Data shows that transactions related to gold trading account for as much as 35% of all foreign exchange trading volume in Thailand.

To reduce the volatility of the baht, the Bank of Thailand implemented measures to control online gold trading in 2026, including reporting transactions over 20 million baht, setting daily trading limits of about 50-100 million baht per person, and encouraging more gold trading in US dollars.

Regarding the factors driving gold price trends, I see that the structural changes in the global financial system—namely de-dollarization—are the main catalysts, along with escalating geopolitical conflicts. These factors are not just short-term triggers but are creating a "new price base" that permanently elevates gold’s valuation.

Central banks worldwide continue to be net buyers of gold for the 15th consecutive year. In 2026, total purchases are projected to reach around 755 tons. Although this is below the record highs of 2023-2024, it remains well above the decade’s average. Central banks in emerging markets like China, India, Poland, and Brazil seek to diversify reserves away from dollar-denominated assets.

Another significant factor is geopolitical crises, such as the "Greenland" incident, which pushed gold prices above $5,600 in January 2026. Although the "Davos Compromise" was later announced to ease tensions, this event created rifts in international relations.

The US Federal Reserve’s monetary policy also plays a crucial role. Despite signals of rate cuts, the Federal Open Market Committee remains divided. The steady or declining interest rate environment, combined with inflation still above the 2% target, has led to a lower "real interest rate," which is positive for gold.

US public debt issues and concerns over currency devaluation have increased demand for gold. Investors are beginning to see higher risks in stock markets compared to potential gains.

From the perspective of financial institutions, Goldman Sachs has raised its year-end 2026 target to $5,400 per ounce. J.P. Morgan forecasts an average of around $5,055, possibly reaching $5,400 in 2027. Bank of America has set a target of $6,000.

Caution is expressed by some, such as HSBC, which projects an average of $3,950 for 2026, and Citi, which estimates $3,250. However, considering the overall context, the bullish outlook for 2026 seems more plausible.

Regarding the question, "Is it still timely to buy now?" the answer is "Yes, but don’t chase the price." The gold trend in 2026 remains upward, but with prices at historic highs, volatility is also high. The best strategy is to wait for a pullback rather than buying at new highs.

Technically, the $5,000 level is a key psychological barrier. If prices can hold above this level, the next targets are $5,600 and $6,000. The zone between $4,680 and $4,750 provides strong support for accumulation.

The RSI often enters overbought territory near the $5,000 level, which could lead to short-term profit-taking. Investors should be cautious about opening buy positions when RSI is too high.

In summary, the outlook for gold prices in 2026 reflects a world undergoing structural change toward greater uncertainty. Gold has proven to be the most valuable asset during difficult times and has the potential to reach $6,000 in the long term.