FACTBOX-Deutsche Bank sees gold climbing to $6,000/oz in 2026
Jan 27 (Reuters) - Deutsche Bank said on Tuesday that gold could climb to $6,000 per ounce in 2026, citing persistent investment demand as central banks and investors increase allocations to non-dollar and real assets.
"In alternative scenarios, a $6,900 per ounce price would in fact be more in line with the past two years' outperformance," Deutsche Bank added.
Analysts at Societe Generale also anticipate gold will reach $6,000 per ounce by the end of this year, and said that forecast may be conservative, with scope for further gains. Morgan Stanley highlighted a bull-case target of $5,700, while Goldman Sachs said it sees meaningful upside risk to its gold forecast of $5,400 by December 2026.
The latest round of forecast upgrades and reiterations came after spot gold XAU= hit an all-time high of $5,110.50 on Monday. The safe-haven metal has climbed more than 18% so far in 2026, extending a blistering rally that saw it jump 64% last year.
Following is a list of analysts' latest gold price forecasts (in $ per ounce):
Brokerage/Agency | Annual Price Forecast | Price Targets | Forecast as of |
| 2026 |
|
|
Deutsche Bank | $5,500 | $6,000 per ounce in 2026 | January 26, 2026 |
Societe Generale | - | $6,000 by the end of 2026 | January 26, 2026 |
Morgan Stanley | $4,600 | bull case is $5,700/oz for second half of 2026 | January 23, 2026 |
Goldman Sachs | - | $5,400 by December 2026 | January 22, 2026 |
Citi Research | $5,000 | Raises 0-3 month price target to $5,000 | January 13, 2026 |
JP Morgan | $4,753 | Expects prices reaching an average of $5,055/oz by 4Q26 | October 23, 2025 |
HSBC | $4,587 | $4,450 per ounce by year-end 2026 | January 8, 2026 |
ANZ | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
Bank of America | $4,438 | 2026 gold outlook raised to $5,000 | October 13, 2025 |
Standard Chartered | $4,488 | - | October 13, 2025 |
Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
UBS | $3,825 | Decline in real rates, potentially into negative territory, could push gold towards $4,700 | October 16, 2025 |
*end-of-period forecasts
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