Global investment firms are issuing new bullish forecasts for gold that see the precious metal resuming its rapid ascent, rising well above $5,000 an ounce and possibly even topping $6,000 in 2026.
Wells Fargo has a year-end gold price target range of $6,100-$6,300 an ounce, arguing that pullbacks present opportunities for investors to add to their holdings. “Gold should continue to benefit from persistent geopolitical uncertainty, macroeconomic volatility, and continued central-bank demand,” says Wells Fargo investment strategist Edward Lee.
UBS forecasts gold will jump to $5,900 and move as high as $6,200 in the aftermath of the war against Iran. “Gold is more of a hedge against the wider impact of conflicts, rather than direct wartime threats,” says UBS commodity analyst Giovanni Staunovo, maintaining that the precious metal “primarily insulates against monetary risks like currency devaluation, rising deficits, and economic slowdowns, which can result from geopolitical conflicts.” Among the countries that have been buying gold in support of their currencies are Turkey and India. Yet another factor that will push gold prices higher, says UBS, is “structural growth of demand for gold jewelry amid higher incomes in Asia.”
HSBC predicts gold will climb as high as $5,500 an ounce by year-end. “Rising deficits and debt levels in the US and other countries are encouraging demand for hard assets, especially when investors are concerned about financial stability and policy flexibility,” says HSBC.
Goldman Sachs anticipates the Federal Reserve will cut interest rates twice during 2026, which would support gold. The firm sees gold reaching $5,400 by year-end.
Morgan Stanley expects Federal Reserve interest rate reductions will come in early 2027, anticipation of which will boost gold. Morgan’s forecast has gold reaching $5,200 during the second half of 2026.
Continued demand from central banks and institutional investors may help support long-term gold prices, reinforcing gold’s role as a hedge against inflation, economic uncertainty, and geopolitical risk
