Brokerages continue to see bullish trends for gold in their long-term outlooks, even as price declines due to increased rate hike bets, inflation concerns, and a stronger dollar and oil price forced some banks to cut near-term price views.
On Tuesday, Bank of America said it is reducing its 2026 average gold forecast by 14 per cent to US$4,360 an ounce, citing a more hawkish U.S. Federal Reserve.
However, the research bank said it still sees $5,000 an ounce in reach for gold once the Fed’s tightening cycle ends.
BofA’s downward revision comes after JPMorgan last week said the risks to its gold forecast skew to the downside given possible early interest rate hikes by the U.S. Fed, while it retains a long-term bullish view into 2027.
Spot gold was down more than one per cent on Wednesday, and was trading near $4,060 an ounce.
Following is a list of analysts’ latest gold price forecasts (in US$ per ounce):
| Brokerage/agency | Annual price forecast | Price targets | Forecast as of |
|---|---|---|---|
| 2026 | |||
| Bank of America | $4,360 | Sees $5,000/oz in reach once Fed’s tightening cycle ends | July 7, 2026 |
| JPMorgan | $4,545 | Expects prices to average $4,300/oz in 3Q26 and $4,500/oz in 4Q26 | July 2, 2026 |
| Goldman Sachs | - | $4,900 by December 2026 | June 18, 2026 |
| ANZ* | $5,600 | Defers $6,000/oz gold target to mid-2027 from early 2027 | May 15, 2026 |
| Macquarie Group | $4,323 | Expects prices to average $4,590 in first quarter and $4,300 in second quarter | February 5, 2026 |
| Wells Fargo Investment Institute | Expects $6,100-$6,300 by end of 2026 | February 4, 2026 | |
| UBS | - | Raises target to $6,200 for March, June, and September 2026 | January 29, 2026 |
| Deutsche Bank | $5,500 | $6,000 in 2026 | January 26, 2026 |
| Societe Generale | - | $6,000 by the end of 2026 | January 26, 2026 |
| Morgan Stanley | $4,600 | Bull case is $5,700 for second half of 2026 | January 23, 2026 |
| Citi Research | $5,000 | Raises 0-3 month price target to $5,000 | January 13, 2026 |
| HSBC | $4,587 | $4,450 by year-end 2026 | January 8, 2026 |
| ANZ | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
| Standard Chartered | $4,488 | - | October 13, 2025 |
| Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
*end-of-period forecasts
(Reporting by Anjana Anil and Sukanya Mitra in Bengaluru; Editing by Jan Harvey)
