Jakarta. The World Gold Council (WGC) said the outlook for gold prices in 2026 will depend on the United States’ trade tariff developments and the Federal Reserve’s interest rate policy.

Shaokai Fan, Head of Asia Pacific (excluding China) and Global Head of Central Banks at WGC, said gold prices could reach a stable level if tariff disputes between the US and its trade partners are resolved smoothly.

“If the trade tariff issues are settled, some market risks may subside, reducing any major impact on gold prices,” Shaokai said in Jakarta on Thursday.

Beyond tariff developments, Shaokai noted that next year’s gold price movement will also be influenced by the Fed’s rate decisions. Currently, markets are pricing in a 67 percent probability that the Fed will cut rates in December.

“I believe there’s a strong chance that gold prices will react positively to any rate adjustments,” he said.

Shaokai added that WGC has not provided specific projections on which forms of gold investment will dominate going forward, noting that investors’ preferences vary widely.

“Some investors with higher financial literacy tend to choose faster and more convenient products such as gold ETFs. Others prefer physical gold ownership for direct access,” he explained.

During the session, Shaokai also presented findings from WGC’s study “Gold for the Nation: Strengthening the Financial Resilience of Indonesians,” which revealed that two in three Indonesians, or 67 percent, hold gold investments.

The report shows that Indonesians invest in various forms of gold assets, including bullion and coins, jewelry, gold exchange-traded funds (ETFs), and other gold-backed securities.