[Editor's Note: Find out the latest gold rates in UAE ]

Gold prices could reach $5,000 in the next few months due to multiple factors, including interest rates, continued central bank buying and high inflation in Japan, said David Tait, CEO of World Gold Council.

In an interview with Khaleej Times, he said, "I would be very surprised if we don't see (gold reaching) $5,000 per ounce in a few months' time, unless US President Donald Trump gets lucky and gets it right by generating high GDP growth of 6-7 per cent with moderate inflation, and brings down the deficit. If he does that, that's probably a point at which I'd start to worry for the gold price, because gold has been going higher through an inherent fear of financial failure, the US debt spiral. If you take that threat away, I think it'll turn off. That's my honest opinion."

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Many global banks have also projected that the precious metal will hit the $5,000 milestone. The latest to predict is the Bank of America (BofA), expecting it to climb to $5,000 due to macro tailwinds and sustained safe-haven demand. In September 2025, Goldmach Sachs also predicted metal climbing to around $5,000 an ounce.

Tait was speaking on the sidelines of the Dubai Precious Metal Conference 2025, organised by the DMCC on Tuesday.

After hitting an all-time high of $4,381 per ounce in October, the yellow metal slid due to profit-taking. On Wednesday morning, it was trading at $4,162.31 per ounce, up 0.48 per cent. In Dubai, the 24K variant of the precious metal crossed Dh500 per gram again on Wednesday.

“There are many reasons why gold will continue to go higher; they extend from just plain ordinary economics to the US dollar, interest rates, tariffs issues, continued central bank buying, and China's decision to allow insurance funds to buy gold, among others,” he said during

World Gold Council chief executive added that the probability of all the drivers for the gold price going higher is still there because“it seems we are in for a few more years of turmoil before we settle again, which is all supportive of the price.”

Linh Tran, market analyst at xs, said gold prices are entering an important phase as they are supported by multiple factors.

“The recent recovery in gold is not only driven by a weakening dollar or declining yields, but also reflects changes in monetary policy expectations, the inflation outlook, the health of the US economy, and safe-haven flows. When these factors all lean in the same direction, gold has a solid foundation to continue maintaining its short-term upward momentum,” he said.

Tran added that inflation is the key factor to watch in the coming weeks. Economic data released last week and this week show that price pressures in the US are cooling significantly.

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