Gold’s Bull Run Persists: TD Securities Eyes Next Leg Above $5,000

Gold prices have slipped below the pivotal $4,300 per ounce mark amid rising rates, yet TD Securities believes underlying demand stays resilient. Senior Strategist Ryan McKay said, “The time is coming for the next leg higher in gold,” forecasting a renewed rally above $5,000 an ounce into 2027.

Gold’s traditional inverse relationship with real yields has broken due to geopolitical risks, de-dollarization and fiscal concerns. Speculative positions sit 30% below 2022 peaks, while ETFs have added 6.3 million ounces since July. Central banks are purchasing roughly 70 tonnes per month on average.

China leads with record imports and 22 straight months of buying by its central bank. TD Securities expects these flows to let gold weather tighter Fed policy and start a fresh bull leg toward 2027.