TABLE-Deutsche Bank raises 2026 gold price forecast
Nov 26 (Reuters) - Deutsche Bank DBKGn.DE on Wednesday raised its 2026 gold forecast to $4,450 an ounce from $4,000, which it had projected two months ago, citing stabilising investor flows and persistent central-bank demand.
The bank now expects gold to trade in a $3,950–$4,950 range, with the top end about 14% above the December 2026 COMEX gold futures price.
Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce):
Brokerage/Agency | Annual Price Forecasts | Price Targets | Forecast as of | |
| 2025 | 2026 |
|
|
Morgan Stanley | $3,398 | $4,400 | $4,500 by mid 2026 | October 31 |
Citi Research | $3,400 | $3,250 | Lowers 0-3 month price target to $3,800 | October 28, 2025 |
JP Morgan | $3,468 | $4,753 | Expects prices reaching an average of $5,055/oz by 4Q26 | October 23, 2025 |
HSBC | $3,455 | $4,600 | $4,600 per ounce by year-end 2025 | October 17, 2025 |
ANZ | $3,494 | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
Bank of America | $3,352 | $4,438 | 2026 gold outlook raised to $5,000 | October 13, 2025 |
Societe Generale | $3,455 | $4,716 | $5,000 by the end of 2026 | October 13, 2025 |
Standard Chartered | $3,402 | $4,488 | - | October 13, 2025 |
Goldman Sachs | $3,400 | $4,525 | $4,900 by December 2026 | October 7, 2025 |
Commerzbank* | $4,000 | - | $4,200 by the end of next year | October 7, 2025 |
Deutsche Bank | $3,291 | $4,450 | Yearly range from $3,950-$4,950/oz in 2026 | November 26, 2025 |
UBS | $3,320
| $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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