WisdomTree Gold Outlook to Q3 2026
Structural tailwinds and policy fragilities
October 2025
Gold prices have risen sharply, reflecting growing concerns about the Federal Reserve’s (Fed) credibility as it embarks on a rate-cutting cycle in an environment of elevated headline inflation. Trade uncertainty continues to weigh on global supply chains, while geopolitical risks have intensified, most notably with Russian incursions into NATO territory. Gold is responding to these overlapping risks, and we believe these pressure points will remain in place.
In our July 2025 outlook, Loading the Spring, we highlighted many of these issues, yet gold remained range-bound throughout the summer. Since early September, however, pent-up pressures have boiled over, propelling gold into a swift upward move. Our outlook for the coming year remains constructive, with significant further upside.