New Delhi, Jan. 2 -- Gold will continue to shine, prices are expected to make new highs in 2026, driven by central bank buying, Fed rate cuts, a weaker dollar, concerns about the Fed's independence, and ETF buying, noted ING's Commodities Outlook 2026.

"Central banks are still buying, Trump's trade war is ongoing, geopolitical risks remain elevated, and ETF holdings continue to expand while expectations of more Fed rate cuts intensify, suggesting this bull run still has further to go. We see prices averaging $4,325/oz in 2026," the report noted.

According to the outlook, President Trump's pick for Fed chair is expected to push for lower interest rates, benefiting gold. Central banks too continue to be a key driver of gold demand, with m...