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2026 Gold Price Forecast 20 Predictions Jpmorgan Bofa Goldman

Bonisiwe Shabane
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2026 gold price forecast 20 predictions jpmorgan bofa goldman

Disclosure: We are reader-supported. If you purchase from a link on our site, we may earn a commission. Learn more Last Updated on: 17th December 2025, 11:46 pm Gold has already had a historic run, and now the big question is whether 2026 becomes the year gold consolidates above $4,000 or makes a serious push toward $5,000 per ounce. As of writing this article, spot gold was around $4,317/oz (after printing new all-time highs earlier in the year).

Multiple major banks and research firms now expect 2026 to be strong, but not necessarily “straight up.” If you want a plain-English walkthrough of how people use physical precious metals (including Gold IRAs) as part of a retirement plan, you can request Noble Gold’s free 2026 Gold & Silver Investing Kit. Affiliate disclosure: If you request the kit through our link, we may earn a commission. This does not affect the price you pay (it’s free). Gold prices surged in 2025 due to trade tensions, central bank and ETF demand. What is the gold price forecast for 2026 and beyond?

Gold entered 2026 at levels few institutions believed possible just two years earlier. An extraordinary 2025 rally driven by aggressive central-bank buying, persistent geopolitical tension, and expectations of monetary easing pushed prices to all-time highs above $4,300 per ounce and forced banks to rewrite their outlooks. This article consolidates the most authoritative projections from major banks and respected analysts, along with the relevant forward-looking forecasts from earlier institutional research, so you can track how projections have changed over time. The chart below shows real-time gold spot prices tracked by Lear Capital and updated throughout the trading day. Before gold accelerated far beyond expectations, several institutions issued more conservative targets. Some of these remain useful as reference points that illustrate how sharply sentiment has changed.

These earlier forecasts now read like the first chapter in a much larger price repricing. By the end of 2025, gold had sailed past $4,000, prompting an industry-wide reset of forward expectations. *Average, highest, and lowest gold prices for 2026 are based on the below price predictions and forecasts. Disclaimer: This is not investment advice. The information provided is for informational purposes only. No information, materials, services, or other content provided on this page is a solicitation, recommendation, endorsement, or any financial, investment, or other advice.

Always seek independent consultation from a professional before making any investment. Gold price predictions for 2026 indicate widespread bullish sentiment, as the broader market suffers under the weight of macroeconomic decay, geopolitical disruption, and political volatility. Following a months-long breather in the middle of 2025, gold is expected to wake up with renewed energy to the upside. Although it’s impossible to predict precisely where gold prices are headed in 2026, looking at what the experts are saying can give investors a more accurate perspective on the market’s trajectory. Following a more than 27% surge in 2024, gold entered 2025 with already bullish expectations baked into forecasts. Once again, the yellow metal shattered even those optimistic projections, forcing analysts and institutions into a familiar pattern of upward revisions, only to see prices surge beyond them yet again.

JAKARTA - Gold recorded its biggest surge since the 1979 oil crisis, with spot prices reaching US$4,381 in October 2025, after previously never breaking US$3,000 before March 2025. The increase was driven by demand from central banks, investors, and new participants such as Tether and corporate treasury managers. According to reuters.com, Bank of America (BofA) strategist Michael Widmer said, “There are expectations of further increases or portfolio diversification driving gold purchases, supported by the US fiscal deficit situation, efforts to narrow the... Philip Newman of Metals Focus added, “Support for further gold gains comes from investor concerns about the independence of the US Federal Reserve, tariff disputes, and geopolitics including the war in Ukraine and Russia’s... Analysts highlighted the role of central banks as price stabilisers. Gregory Shearer of JP Morgan & Chase said, “Price levels are supported much higher than before because there is central bank demand.”

He emphasised that the gold price cycle may continue due to a cleaner market position. “And suddenly we are above US$4,000 in a cleaner positioning environment, which then allows this cycle to continue.” Gold price predictions for 2026 indicate a strong bullish trend with prices expected to rise significantly. Major financial institutions forecast gold prices ranging roughly from $4,000 to $4,900 per ounce by the end of 2026. Goldman Sachs leads with the most aggressive projection of $4,900 per ounce by December 2026, citing strong ETF inflows, central bank purchasing, and continued geopolitical and economic uncertainties as key drivers. Deutsche Bank and J.P.

Morgan predict gold prices around $4,000 per ounce during 2026, while technical analysis from InvestingHaven supports potential price milestones such as $4,200 or higher in the second half of the year. Factors fueling this outlook include anticipated Fed rate cuts, dollar weakness, inflation concerns, and structural demand for gold as a safe-haven asset and portfolio diversifier. Overall consensus: Continued structural bull market potentially leading to historic price levels The consensus among experts is a continued structural bull market for gold potentially leading to historic price levels through 2026, with upside risks prevailing over downside. This represents a paradigm shift from tactical safe-haven positioning to strategic long-term asset allocation driven by fundamental monetary system changes. For current gold prices and real-time market data, visit our live gold price tracker.

The dramatic increase in central bank gold acquisition represents one of the most significant structural shifts in precious metals markets. Understanding this phenomenon provides critical insight into long-term price support mechanisms that underpin the bullish 2026 forecasts. Throughout 2025, gold maintained a robust upward trajectory, repeatedly setting new record highs. Strong demand for safe-haven investments and increased gold holdings by global central banks provided significant support. This performance reinforced gold’s status as a premier global safe-haven asset and a key portfolio hedging instrument, establishing a solid foundation for the 2026 market outlook. Moreover, expectations of mid-term volatility in the US Dollar Index and persistent global economic uncertainty have driven capital flows from risk assets toward defensive assets like gold.

Fundamentally, several factors will play a pivotal role in shaping gold prices in 2026: Federal Reserve Monetary Policy Outlook: Anticipated interest rate cuts are likely to reduce real yields and spur demand for gold. This expectation is already largely priced into the market. Global Political and Economic Uncertainty: Heightened geopolitical tensions and ongoing trade disputes continue to enhance gold’s appeal as a safe-haven asset. The price of gold is forecast by Goldman Sachs Research to rise 6% through the middle of 2026 (as of September 24), underpinned by fresh demand from key groups of buyers who have contributed... The precious metal has risen more than 40% in 2025 and is on pace for its third-straight year of double-digits gains.

The gold price is predicted to rise to $4,000 per troy ounce by the middle of next year (up from $3,772 on September 24), Goldman Sachs Research analyst Lina Thomas writes in the team’s... Their gold price forecast is driven by strong structural demand from central banks and easing from the US Federal Reserve (which supports ETF demand for gold). Buyers of gold fall into two broad groups, according to Goldman Sachs Research. Conviction buyers tend to purchase the yellow metal consistently, regardless of the price, and based on their view on the economy or to hedge risk. These include central banks, exchange-traded funds, and speculators. Their thesis-driven flows set the price direction.

As a rule of thumb, every 100 tonnes of net purchases by these conviction holders corresponds to a 1.7% rise in the gold price. By contrast, opportunistic buyers such as households in emerging markets step in when they believe the price is right. They may provide a floor under prices on the way down and resistance on the way up. Sales on BullionByPost.com are suspended while we review recent tariff changes. We apologise for the inconvenience and appreciate your understanding. Over 1,000,000 orders delivered worldwide

1-888-334-1630 Monday - Friday, 08:30 - 17:00 (UK time) As we pass the halfway point of the year, investors are increasingly looking ahead to 2026 and the expectations for the gold price. Continuing recent trends, records have already been broken in 2025, and many of the 2026 gold price forecasts suggest further records are on the cards. At the time of writing the current USD high is $3,501.27 per ounce, set in April. Trade wars, conflict in Europe and the Middle East, and the ongoing struggle with inflation are all key factors to consider in any 2026 gold price prediction.

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Always seek independent consultation from a professional before making any investment. Gold price predictions for 2026 indicate widespread bullish sentiment, as the broader market suffers under the weight of macroeconomic decay, geopolitical disruption, and political volatility. Following a months-long breather in the middle of 2025, gold is expected to wake up with renewed energy to the upside. A...