Gold prices have commenced 2026 by extending their significant uptrend, reaching fresh record highs and breaching the US$4,600 per ounce level in the first 13 days of the year, following a remarkable 67% gain in 2025, which was the highest annual increase since 1979. While the immediate outlook suggests a potential consolidation or topping out of momentum after a solid rally, experts from KITCO, World Gold Council, J.P. Morgan, ANZ, and Standard Chartered widely concur that the broader bullish rally for gold is far from over. The sustained uptrend is primarily attributed to a confluence of factors, including heightened geopolitical uncertainties, persistent policy uncertainty, and resilient safe-haven demand from investors seeking stability amidst global economic shifts. Additionally, continued positive momentum from ongoing inflows into global gold Exchange Traded Funds (ETFs) and robust central bank buying are significant contributors to gold's appeal. Some analysts, including J.P. Morgan Global Research, forecast gold prices to average around $5,055/oz by the final quarter of 2026, with ANZ and Standard Chartered expecting prices to trade above $5,000/oz in the first half of the year. In India, the domestic gold market has closely mirrored the global rally, with prices climbing to approximately INR 139,799 per 10 grams, although there was a modest decline on January 16, 2026. Despite elevated prices tempering traditional jewelry demand and shifting consumer preferences towards lighter, lower-making-charge jewelry, investment demand in India is surging, marking a structural shift in the market. The World Gold Council projects a 15-30% price rise for gold in 2026, contingent on sustained safe-haven flows and continued central bank acquisitions, reinforcing the view that gold remains a crucial portfolio diversifier in the current global economic landscape.