State Street's investment data suggests that the upward trend in gold prices may slow down next year, and a test of $5,000 cannot be ruled out

State Street Global Advisors published the "2026 Gold Outlook Report," stating that after gold prices are expected to achieve their best annual performance since 1979, the upward trend is likely to moderate next year, with gold prices potentially fluctuating between $4,000 and $4,500 per ounce.

The report mentions that structural bull market cycle factors supporting gold include the Federal Reserve's loose monetary policy, strong central bank and retail demand, ETF inflows, rising stock-bond correlation, and global debt issues. It is expected that strategic asset reallocation and geopolitical factors may push gold prices to test the $5,000 per ounce level