Gold has staged one of the most impressive rallies in recent decades. After surpassing $4,900 per ounce at the end of January 2026 and registering multiple all-time highs (with recent peaks near $4,989/oz), the precious metal continues to attract massive inflows as a safe-haven asset in an environment of geopolitical uncertainty, diversification of central bank reserves, and a relatively weak dollar.
Major investment banks have revised their forecasts upward for the end of 2026:
Goldman Sachs recently raised its target to $5,400 per ounce (from the previous $4,900), highlighting strong demand from emerging market central banks (expecting average purchases of approximately 60 tons per month) and the private sector's continued diversification into gold as a hedge against global policy risks.
J.P. Morgan Morgan projects an average price of $5,055 in the fourth quarter of 2026, with the potential to reach $5,200-$5,300 at peak levels, driven by continued inflows into ETFs (estimated at approximately 250 tons) and physical demand for bars and coins exceeding 1,200 tons annually.
Other more optimistic voices, including some momentum strategies at HSBC and independent analysts, see gold reaching $6,000 in 2026 as feasible if scenarios of greater global economic weakness, aggressive rate cuts by the Fed, or an escalation of trade/geopolitical tensions materialize.
Key drivers that could push gold even higher include:
Accommodative monetary policy → If the Federal Reserve maintains or accelerates rate cuts in response to cooling employment and slower growth, gold (a non-yielding asset) becomes more attractive compared to bonds.
Structural Demand from Central Banks → China, India, Turkey, and others continue to accumulate reserves, a factor many consider irreversible in the medium term.
Macro and Geopolitical Uncertainty → US-China tensions, ongoing conflicts, and trade fragmentation are keeping risk perceptions high.
Technical Momentum → The metal has already broken out of the consolidation phase of previous years and entered "price discovery"; sustained breaks above $5,000 could accelerate algorithmic and momentum buying.
However, it's not all bullish. An unexpected tightening of monetary policy, a rapid stabilization of conflicts, or a sharp liquidation of speculative positions could trigger corrections toward $4,300-$4,500. Volatility will be high.
Conclusion: The strongest consensus suggests that gold will finish 2026 between $5,000 and $5,500 per ounce, with upside potential towards $5,800-$6,000 in very favorable scenarios. After rising more than 60% in 2025 and already ~10-15% so far in 2026, the metal appears far from exhausting its structural bullish cycle. For many investors, it remains the ultimate defensive asset in an uncertain world.
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