UBS has increased its gold price target to $6,200 per ounce from $5,000 for March, June and September 2026, citing stronger-than-expected demand tied to higher investment flows. In a note released on Thursday, the bank nevertheless expects a modest easing to $5,900 per ounce by the end of 2026 following U.S. midterm elections.
The Swiss lender outlined an upside scenario of $7,200 per ounce and a downside case of $4,600 per ounce. UBS explicitly warned that a hawkish Federal Reserve could raise the probability of downside outcomes, while intensifying geopolitical tensions could push prices higher.
Other major institutions have also raised or reiterated elevated gold forecasts. Deutsche Bank said on Tuesday that gold could reach $6,000 per ounce in 2026, attributing that view to persistent investment demand as central banks and investors increase allocations to non-dollar and real assets. Societe Generale analysts similarly anticipate gold hitting $6,000 per ounce by the end of this year and described their forecast as potentially conservative, leaving room for further gains.
The wave of upgrades and confirmations coincided with spot gold touching a record $5,594.82 on Thursday. The metal has risen more than 20% so far in January, is on track for a sixth consecutive monthly gain, and is recording its largest monthly advance since 1980.
Below is a list of recent analyst forecasts and price targets for gold, presented with the figures and dates provided by each institution. These are end-of-period or target prices as stated by the respective brokerages and research teams.
| Brokerage / Agency | Recent Price Guidance | Forecast / Notes | Forecast Date |
|---|---|---|---|
| UBS | Raises target to $6,200 for March, June and September 2026 | - | January 29, 2026 |
| Deutsche Bank | $5,500 | $6,000 in 2026 | January 26, 2026 |
| Societe Generale | - | $6,000 by the end of 2026 | January 26, 2026 |
| 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 by 4Q26 | October 23, 2025 |
| 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 America | $4,438 | 2026 gold outlook raised to $5,000 | October 13, 2025 |
| Standard Chartered | $4,488 | - | October 13, 2025 |
| Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
Note: These are end-of-period forecasts and target prices as communicated by the listed brokerages and research teams on the dates shown.
As these revised forecasts indicate, a number of major financial institutions now see materially higher values for gold across various timeframes in 2026. The market’s recent price action and the range of analyst scenarios underscore a wide distribution of potential outcomes, from the mid-$4,000s to the low $7,000s per ounce, depending on macroeconomic and geopolitical developments highlighted by the banks.