Analysts at Bank of America and Société Générale expect gold prices to reach $5,000 per ounce by 2026, while Standard Chartered has raised its forecast for the metal to an average of $4,488 per ounce next year.
Spot gold surpassed the $4,000 per ounce mark for the first time last week, recording strong year to date gains of 53%, supported by multiple factors including geopolitical tensions, economic risks, strong central bank purchases, and expectations of US interest rate cuts.
Bank of America raised its gold forecast for 2026 to $5,000 per ounce, with an average of $4,400, and also lifted its silver price forecast to $65 per ounce, averaging $56.25. Although the bank warned of a potential short term correction, it still expects the upward trend in both gold and silver to continue next year.
The bank noted that the White House’s unconventional policies will continue to support gold prices amid fiscal deficits, rising debt levels, efforts to reduce the current account deficit and capital outflows, along with the push to lower interest rates despite inflation remaining near 3%.
It also expects silver prices to stay supported despite forecasting an 11% drop in demand next year, due to persistent supply shortages.
At the same time, Société Générale also predicted that gold prices could reach $5,000 per ounce by the end of 2026, noting that investor inflows into gold backed ETFs have exceeded previous expectations. Global inflows into gold funds reached about $64 billion since the start of the year, including $17.3 billion in September alone.
Meanwhile, Standard Chartered Bank raised its 2026 gold price forecast to an average of $4,488 per ounce, up from $3,875 previously, but noted that some profit taking and short-term corrections may occur as seasonal restocking slows.
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