(Reuters) -Bank of America Global Research on Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.
Gold surged above
$4,000 an ounce for the first time ever on October 8. Gold prices scaled to another record high at $4,079.62 on Monday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure. [GOL/]
The bank sees the risk of a correction near-term, but still expects a further upside in 2026.
"Looking into 2026, a 14% increase of investment demand - similar to what we have seen this year - could lift gold to $5,000/oz," the bank noted.
Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce):
Brokerage/Age Annual Price Forecasts Price Targets Forecast
ncy as of
2025 2026
$4,438
Bank of $3,352 2026 gold October
America outlook raised 13, 2025
to $5,000/oz
Goldman $3,400 $4,525 $4,900 by October
Sachs December 2026 7, 2025
Commerzbank* $4,000 - $4,200 per October
troy ounce by 7, 2025
the end of
next year
HSBC $3,355 $3,950 Raises 2027 October
average price 3, 2025
forecast to
$3,600/oz
(from
$2,925/oz) and
introduces a
2028 forecast
of $3,330/oz
Deutsche Bank $3,291 $4,000 $4,300 by September
Q4-2026 17, 2025
ANZ $3,338 $3,845 - September
10, 2025
UBS - - $4,200/oz over October
the 3, 2025
coming months
BofA $3,356 $3,750 - September
15, 2025
Citi Research $3,400 $3,250 - September
29, 2025
*end-of-period forecasts
(Reporting by Ishaan Arora in Bengaluru)
