CAUSE
One question. One truth.
“Why is gold price increasing?”
Central banks are driving gold's elevated price, purchasing a record 863 tonnes in 2025—more than double the 2010-2021 annual average—and projecting 800-850 tonnes in 2026. This demand keeps gold near $4,867/oz as of April 17, 2026, sustaining a 40.74% year-on-year increase despite a 13% decline from the January 28, 2026 high of $5,589.38. The World Gold Council and J.P. Morgan confirm central bank buying as the primary driver.
Medium confidenceStructural
CURRENT STATE
As of April 17, 2026, gold prices are elevated at $4,867/oz, supported by record central bank purchases of 863 tonnes in 2025 and expected quarterly averages of 585 tonnes in 2026. Despite a January peak of $5,589.38, gold rose 0.94% on April 17. The IMF's April 2026 outlook of 4.4% global inflation and 3.1% growth creates a favorable environment. Analysts forecast $5,400 to $6,300 by year-end.
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