Top Wall Street Analysts Expect Gold to Surge 20%
Goldman Sachs sees prices reaching $4,900, supported by strong private demand and the potential depreciation of the U.S. dollar.
Quick overview
- Wall Street executives predict gold prices could reach $5,000 per ounce, driven by persistent inflation and central bank purchases.
- Analysts expect gold to gain roughly 20% through 2026, with major institutions like Bank of America and Goldman Sachs issuing optimistic forecasts.
- The appeal of gold as a safe haven is bolstered by geopolitical tensions and recession risks, despite potential corrections if the dollar strengthens.
- HSBC warns of risks from geopolitical shifts and market turbulence that could impact gold prices in the future.
Top Wall Street executives say gold could soon reach $5,000 per ounce, with plenty of upside left.
In 2025, gold prices saw a strong rally driven by several factors, and many Wall Street analysts now believe the metal still has room to run. In fact, they expect gains of roughly 20% through 2026.
One of the main drivers behind this bullish outlook is persistent inflation, ongoing central bank purchases, elevated U.S. government spending, and growing uncertainty surrounding the global economic landscape.
What’s Behind Gold’s Surge, According to Wall Street
Major financial institutions are issuing bold forecasts. Bank of America estimates gold could hit $5,000 per ounce, nearly a 20% jump.
Goldman Sachs sees prices reaching $4,900, supported by strong private demand and the potential depreciation of the U.S. dollar.
Deutsche Bank is more cautious, but even its conservative scenario points to a ceiling near $4,950.
These optimistic views rest on several structural tailwinds. Investors are increasingly seeking refuge in assets not tied to fiat currencies, while demand for gold—from both private investors and central banks—remains robust.
Meanwhile, the global backdrop of geopolitical tensions, recession risks in developed economies, and expectations of lower interest rates continues to strengthen gold’s appeal as a safe haven.
Risks Still Remain
HSBC analysts warn:
“Seismic and potentially permanent shifts in the geopolitical landscape are likely to persist, combined with more virulent forms of nationalism—including economic nationalism—with tariffs, geopolitical risk, financial market turbulence, and questions around Federal Reserve independence and monetary policy.”
Still, the bullish outlook is not without risks. Some Wall Street analysts note that when gold rises significantly above its long-term average, corrections often follow—particularly if the dollar strengthens, the global economy improves, or investors rotate out of safe havens into riskier assets.
As Deutsche Bank put it:
“More broadly, reserve managers could reduce their pace of buying, and sharp increases in real gold prices are often followed by significant corrections.”
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