TD Securities Forecasts Gold Rallying Above $5,000 per Ounce Into 2027

Gold prices face short-term pressure below $4,300 an ounce, but TD Securities expects limited downside and projects a rally above $5,000 per ounce into 2027. Senior Commodity Strategist Ryan McKay highlighted strong underlying investment dynamics, noting that global central banks are purchasing nearly 70 tonnes monthly on a three-month moving average, led by China's 22 consecutive months of official buying. Furthermore, global gold ETFs have added about 6.3 million ounces since July, while discretionary positioning sits 30% below 2022 peaks and three Federal Reserve rate hikes are already priced into markets.