Ms. Pawan Nawawattanasub, Chief Executive Officer of YLG Bullion International Co., Ltd. (YLG), stated that central banks’ gold purchases in October remained robust, totaling 53 tons, representing a 36% increase compared to the previous month.
This reflects that central banks’ demand for gold in 2025 remains strong throughout the year, even though the net cumulative purchases from January to October have slowed when compared to the previous three years due to higher gold prices.
It is expected that the trend of central bank gold purchases will continue. Recently, the National Bank of Poland resumed gold purchases after stopping since May. Meanwhile, Brazil’s central bank bought gold for the second consecutive month—adding 16 tons in October after purchasing 15 tons in September.
Additionally, the central bank of Uzbekistan increased its gold reserves by 9 tons, Indonesia’s central bank added 4 tons, the Central Bank of Turkey purchased 3 tons, the Czech National Bank added 2 tons, the National Bank of the Kyrgyz Republic, the Bank of Ghana, the People’s Bank of China, the National Bank of Kazakhstan, and the Central Bank of the Philippines each bought an additional 1 ton as well.
Considering gold prices since the start of the year, the market opened in January at around USD 2,624 per troy ounce, but by October, the price had soared above USD 4,000 per troy ounce—a significant surge. Nevertheless, central banks continue to increase their gold purchases.
YLG forecasts that in 2026, central banks worldwide will continue their gold-buying policies, which will be another major factor keeping gold prices in an upward trend. Along with the trend of declining interest rates during this period, these two primary factors are expected to support gold prices at high levels.
YLG’s price target for 2026 is set at USD 4,500–4,900 per troy ounce. Calculated with the exchange rate at THB 32.00 per US dollar, this equates to a target domestic gold price of THB 68,000–75,000 per baht-weight of gold.
However, gold prices will still face periodic profit-taking sell-offs. Investors wishing to buy can wait for price corrections around the USD 4,074–3,991 per troy ounce range.
