BofA cuts 2026 average gold forecast, sees long-term upside

Brokerages ​continue to see bullish ​trends for gold in their long-term outlooks, even ​as price declines due to increased rate hike bets, inflation concerns, and a stronger dollar and oil price forced some banks to cut ‌near-term price views. On ⁠Tuesday, ⁠Bank of America said it is reducing its 2026 average gold forecast ​by 14% to $4,360 an ounce, citing a more hawkish Federal Reserve.

However, ​the research bank said it still sees $5,000 an ounce in reach for gold once the Fed's tightening cycle ends. BofA's ​downward revision comes after JPMorgan last ⁠week said the ‌risks to its gold forecast skew ​to the ​downside given possible early interest rate hikes by ⁠the U.S. Fed, while it retains a long-term ​bullish view into 2027. Spot gold was down ​more than 1% on Wednesday, and was trading near $4,060 an ounce.

Following is a list of analysts' latest gold price forecasts (in $ per ounce): Brokerage/Ag Annual Price Targets Forecast ency Price as of Forecas t 2026 Bank of $4,360 Sees $5,000/oz in reach July 7, America once Fed's tightening 2026 cycle ends JPMorgan $4,545 Expects prices to July 2, average $4,300/oz in 2026 3Q26 ‌and $4,500/oz in 4Q26 Goldman - $4,900 by December 2026 June 18, Sachs 2026 ANZ* $5,600 Defers $6,000/oz gold May 15, target to mid-2027 from 2026 early 2027 Macquarie $4,323 Expects prices to February Group average $4,590 in ​first 5, 2026 quarter ​and $4,300 in second ⁠quarter Wells Fargo Expects $6,100-$6,300 by February Investment end of 2026 4, 2026 Institute UBS - Raises target to $6,200 January for March, 29, 2026 June, and September 2026 Deutsche $5,500 $6,000 in 2026 January Bank 26, 2026 Societe - $6,000 by the end ​of January Generale 2026 26, 2026 Morgan $4,600 Bull case is $5,700 for January Stanley second half of 2026 23, 2026 Citi $5,000 Raises 0-3 month price January Research target to $5,000 13, 2026 HSBC $4,587 $4,450 by year-end 2026 January 8, 2026 ANZ $4,445 $4,400 by year-end and October $4,600 by June 2026 16, 2025 Standard $4,488 - October Chartered 13, 2025 Commerzbank $4,900 $4,800 by mid-2026 January 13, 2026 *end-of-period forecasts