After declines in gold prices on world stock exchanges on Tuesday, the precious metal is slightly gaining in value again on Wednesday. At noon, the quotations were around 0.5 percent. in the positive. An ounce cost $5,170, or over PLN 18,500.
Since the record gold prices at the end of January 2026, when quotations reached USD 5,595, the metal has fallen by over USD 400. On the other hand, at the beginning of February the rate dropped below $4,500 for a while, so now it is much higher. Investors ask themselves whether gold still has growth potential, and if so, what?
According to the latest forecast of US investment bank JP Morgan, demand from central banks and investors this year will ultimately lead to gold price increase to $6,300 per ounce by the end of 2026
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If this scenario came true, it would mean room for an increase in the price of the precious metal by over PLN 1,000. dollars, i.e. 20 percent The potential is great, but there are many risks on the horizon.
Will the price of gold drop? Here are the risk factors
Forecasts for gold prices are optimistic, but it cannot be ruled out that several risks will materialize in the future, which generally act to reduce the price of the precious metal.
These include the strengthening of the US dollar, as gold quoted in this currency becomes more expensive for buyers using other means of payment, effectively limiting global demand.
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The decline in gold prices generally also causes an increase in optimism in financial markets and a boom in stock markets, which encourages capital to flee from safe havens towards riskier, but potentially more profitable investments.
Another key element is the decline in inflation expectations, as less upward pressure on the prices of goods and services deprives gold of its traditional role of protecting the purchasing power of money.
