Gold has glittered this year. And there’s good reason to expect the precious metal to continue hitting record highs in the year ahead.
Several Wall Street firms issued reports this week showing that analysts and investors believe the price of gold will rise in 2026, with some forecasting it could hit $5,000 per troy ounce, implying upside of about 20%. Many of the factors that have led investors to pour money into the traditional safe-haven asset are likely to remain in play, experts say.
Why This Matters
Gold has hit a series of record highs this year amid economic and geopolitical uncertainty that isn’t expected to subside anytime soon. Some prominent investors have recently recommended that investors should increase their allocation to gold. Meanwhile, many Americans have rushed to sell gold jewelry to take advantage of high prices.
Goldman Sachs on Friday said that nearly 70% of institutional investors expect gold prices to continue rising, with 36% saying the price will top $5,000 by the end of 2026, according to a survey this month of more than 900 clients. Investors cited continued buying by central banks around the world and fiscal concerns as the biggest factors contributing to gold’s rise.
Gold was trading at $4,220 an ounce Friday morning. (Read Investopedia’s full coverage of today’s trading here.)That’s down from a record high just below $4,400 set in October, but still 60% higher than where it started 2025. Gold’s price surge has far outpaced the performance of the benchmark S&P 500 stock index.
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The weakness of the U.S. dollar, which has lost ground this year as concerns about rising U.S. government debt have grown, is also underpinning support for gold, along with concerns about geopolitical instability and stock market volatility.
Deutsche Bank this week raised its 2026 gold price forecast to $4,450 from $4,000 previously, projecting a range of $3,950-$4,950.
“Third quarter supply-demand data supports a continued central bank bid. The positive structural picture shows inelastic demand from central banks and ETF investment diverting supply from the jewelry market,” Deutsche Bank said in a note to clients. “Also, overall growth in demand outpaces supply.”
UBS believes that further weakening in the dollar, lower bond market returns, geopolitical uncertainty and fiscal concerns will all continue providing support for gold. The bank maintains an ‘Attractive’ stance on gold with a $4,500 price target for mid-year 2026, according to a Friday report.
