Jan 30 (Reuters) - UBS has raised its gold price target to $6,200 per ounce from $5,000 for March, June and September 2026, citing stronger-than-expected demand stemming from increased investment.
However, the bank in a note on Thursday projected a modest decline to $5,900 per ounce by 2026-end after U.S. midterm elections.
UBS sees an upside scenario of $7,200 per ounce and a downside case of $4,600 for gold, noting that a hawkish Federal Reserve could heighten downside risks, while escalating geopolitical
tensions could drive prices higher.
Meanwhile, Deutsche Bank said on Tuesday that gold could climb to $6,000 per ounce in 2026, driven by persistent investment demand as central banks and investors increase allocations to non-dollar and real assets.
Analysts at Societe Generale also anticipate gold will reach $6,000 per ounce by the end of this year, and said that their forecast may be conservative, with scope for further gains.
The latest round of forecast upgrades and reiterations came as spot gold hit an all-time high of $5,594.82 on Thursday. The safe-haven metal has climbed more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1980.[GOL/]
Following is a list of analysts' latest gold price forecasts (in $ per ounce):
Brokerage/Agen Annual Price Price Targets Forecast as of
cy Forecast
2026
UBS - Raises target to $6,200 for March, January 29, 2026
June, and September 2026
Deutsche Bank $5,500 $6,000 in 2026 January 26, 2026
Societe - $6,000 by the end of 2026 January 26, 2026
Generale
Morgan Stanley $4,600 Bull case is $5,700 for second half of 2026 January 23, 2026
Goldman Sachs - $5,400 by December 2026 January 22, 2026
Citi Research $5,000 Raises 0-3 month price target to $5,000 January 13, 2026
JP Morgan $4,753 Expects prices reaching an average of $5,055 October 23, 2025
by 4Q26
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
Bank of $4,438 2026 gold outlook raised to $5,000 October 13, 2025
America
Standard $4,488 - October 13, 2025
Chartered
Commerzbank $4,900 $4,800 by mid-2026 January 13, 2026
*end-of-period forecasts
(Reporting by Noel John and Anushree Mukherjee in Bengaluru; Editing by Rashmi Aich)
