Global banks’ gold price forecasts for 2026

Amid accelerating market volatility and heightened geopolitical tensions, Argaam tracks the latest forecasts issued by leading global financial institutions for gold prices in 2026, as demand for the yellow metal continues to strengthen as a safe-haven asset.

Global gold prices have seen sharp swings in recent days. After hitting a record high of $5,595 per ounce on Jan. 29, prices retreated steeply to a low of $4,404 per ounce on Feb. 2.

Gold, however, quickly rebounded, surpassing the $5,000-per-ounce mark in early trading on Feb. 4, posting gains of nearly 17% year-to-date. Despite the heightened volatility, international institutions have continued to raise their outlook for gold prices in 2026.

According to aggregated data from several investment banks, JPMorgan leads the forecasts, projecting gold prices to reach around $6,300 per ounce by the end of 2026. France’s Société Générale expects prices to approach $6,000 per ounce by year-end 2026, while Germany’s Deutsche Bank set a $6,000-per-ounce target should the US dollar remain weak.

UBS forecasts gold prices at approximately $5,900 per ounce by the end of 2026, while Morgan Stanley expects prices to average around $5,700 per ounce in the second half of 2026.

Meanwhile, Goldman Sachs projected gold prices at about $5,400 per ounce in December 2026. At the lower end, the London Bullion Market Association (LBMA) expects the average gold price to reach around $4,742 per ounce during the year.

Goldman Sachs attributed its outlook to increased private-sector gold purchases as a hedge against global policy risks, expecting investors to retain their holdings through 2026, supporting elevated price levels.

JPMorgan, meanwhile, noted that portfolio diversification has fueled demand for gold, amid the outperformance of real assets over paper assets.

These projections follow data from the World Gold Council, which showed that total gold demand in 2025 exceeded 5,000 tons for the first time, including over-the-counter transactions, driven by inflows into exchange-traded funds (ETFs), central bank purchases, and higher demand for bullion and coins.

JPMorgan expects central bank gold purchases to reach 800 tons in 2026, citing the continued trend toward reserve diversification.