On Jan 27, Deutsche Bank said it expects the price of gold to climb to $6,000 per ounce in 2026, pointing to sustained investment demand as central banks and investors increase their allocations to non-dollar and real assets. The bank added that, under alternative scenarios, a $6,900 per ounce outcome would be more consistent with the metal’s outperformance over the past two years.
Other major institutions have similarly moved their forecasts higher or highlighted upside cases. Societe Generale also anticipates gold will reach $6,000 per ounce by the end of 2026 and described that projection as possibly conservative, leaving room for further gains. Morgan Stanley flagged a bull-case target of $5,700 per ounce. Goldman Sachs said it sees meaningful upside risk to its $5,400 per ounce forecast for December 2026.
Those revisions and confirmations come after spot gold struck an all-time high of $5,110.50 on Monday. The metal has risen more than 18% so far in 2026, extending a rally that produced a 64% gain in the prior year.
The latest round of analyst outlooks is summarized below, using the brokers’ recent published figures and the dates associated with those forecasts:
- Deutsche Bank - $6,000 per ounce in 2026; forecast as of January 26, 2026. The bank also noted an alternative scenario with a $6,900 per ounce price.
- Societe Generale - $6,000 by the end of 2026; forecast as of January 26, 2026. The firm said this projection may be conservative with potential for further gains.
- Morgan Stanley - $5,500 annual price and a $5,700 per ounce bull case; forecast commentary dated January 23, 2026.
- Goldman Sachs - Sees upside risk to a $5,400 per ounce target by December 2026; forecast as of January 22, 2026.
- Citi Research - Raised its 0-3 month price target to $5,000; forecast as of January 13, 2026.
- JP Morgan - Listed a $4,753 figure and expects prices to reach an average of $5,055 per ounce by 4Q26; forecast commentary dated October 23, 2025.
- HSBC - $4,587 and a $4,450 per ounce target by year-end 2026; forecast as of January 8, 2026.
- ANZ - $4,445, with $4,400 by year-end and $4,600 by June 2026; forecast as of October 16, 2025.
- Bank of America - $4,438 and a 2026 outlook raised to $5,000; forecast as of October 13, 2025.
- Standard Chartered - $4,488; forecast as of October 13, 2025.
- Commerzbank - $4,900 and $4,800 by mid-2026; forecast as of January 13, 2026.
- UBS - $3,825; UBS noted that a decline in real rates, potentially into negative territory, could push gold towards $4,700; forecast as of October 16, 2025.
These projections reflect a range of central forecasts and upside scenarios from large global banks and brokers. The firms’ notes highlight different time horizons and sensitivity to factors such as investment demand, central bank behavior, and real interest rates. The market’s recent sharp upward move is evident in the sequence of upgrades and reiterated targets.
Contextual note - The list above compiles the most recently reported price targets and the dates tied to those forecasts as provided by the respective institutions. Where institutions noted alternative or bull-case scenarios, those figures are included verbatim.