This is how banks and experts estimate the gold price for 2026. The major banks agree: the price could rise significantly higher.
• Gold price decline in October 2025 due to fear of the Fed not cutting interest rates
• Bullish gold price trends for 2026
• Expectations for new gold price highs vary from $4,000 to $5,000 per ounce
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Daan Struyven, co-head of global commodities research at Goldman Sachs, reports on the catalysts underlying the gold price forecast for 2026, according to an article from The Street. Historically, low yields and a weaker dollar are good for the price of gold, because gold tends to move in the opposite direction. Lower bond yields make them less attractive as a safe investment alternative to gold. Since gold is priced in U.S. dollars, a weaker dollar makes gold more desirable to foreign buyers, as well as central banks, it said.
How Fed statements will dampen gold prices in October 2025
The fall in the price of gold in October 2025 was primarily triggered by concerns that the Federal Reserve Bank would not accept any in December Interest rate cut would undertake. This concern was fueled by Fed Chairman Jerome Powell’s statement. He said that a further reduction in 2025 was not guaranteed. That statement led to a temporary spike in bond yields and the U.S. dollar, taking some of the support away from gold trading, the report added.
Goldman Sachs sees bullish trends for 2026
However, the prospects of another interest rate cut then developed positively, which meant that bond yields fell and the dollar was able to stabilize, which also meant that gold prices rose again, TheStreet continued. Additionally, according to the report, Daan Struyven said in an interview with Bloomberg that he expects the bullish trends in gold prices to continue into 2026.
Assessments of the major banks
According to an article on wallstreet online, the major banks’ forecasts are apparently very positive. The expectations for the gold price in 2026 from JPMorgan, Bank of America and HSBC are around $5,000. Goldman Sachs’ estimate is 4,900 US dollars and therefore just below the other gold price forecasts. According to Deutsche Bank, the price could reach $4,000 and according to Morgan Stanley, even $4,400. UBS’s estimate is $4,700. Only Commerzbank’s forecast is below $4,000.
Fund manager assessments
According to the above article, Bank of America conducts surveys interviewing various fund managers. These predicted new highs for the price of gold. According to experts, the expected price for the end of 2026 is in the range of 4,000 to 4,500 US dollars per ounce. But prices of up to 5,000 US dollars per ounce were also mentioned.
According to Business Insider, the sharp rise in gold prices was mainly due to central bank purchasing activity, inflation, concerns about the strength of the US economy and tariffs.
Editorial team finanzen.net
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