Adds forecasts and inputs from Macquarie Group

Feb 5 (Reuters) - Macquarie Group raised its average gold price forecasts for the first- and second-quarter and full-year on Thursday, but said it would wait to revise longer‑term expectations due to a disconnect between market fundamentals and extreme volatility.

The bank lifted its average first-quarter 2026 gold forecast to $4,590 an ounce, up from $4,300 previously and hiked its second-quarter estimate to $4,300 from $4,200.

It raised its average 2026 gold price forecast to $4,323 per ounce, compared with an earlier estimate of $4,225.

Spot gold was currently down 1.8% at $4,875.71 per ounce. On January 30, the yellow metal logged its steepest daily fall since 1983 a day after hitting a record $5,994.82, following U.S. President Donald Trump's naming of Kevin Warsh as his choice for Federal Reserve chair.

Prices have gained about 13% so far this year after rallying more than 64% in 2025.

Following is a list of analysts' latest gold price forecasts (in $ per ounce):

Brokerage/Agency	Annual Price Forecast	Price Targets	Forecast as of
	2026
Macquarie Group	$4,323	Expects prices to average $4,590 in first quarter and $4,300 in second quarter	February 5, 2026
Wells Fargo Investment Institute*		Expects $6,100-$6,300 by end of 2026	February 4, 2026
J.P. Morgan	$6,300	Expects prices reaching $6,300 by 4Q26	February 2, 2026
UBS	-	Raises target to $6,200 for March, June, and September 2026	January 29, 2026
Deutsche Bank	$5,500	$6,000 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 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
HSBC	$4,587	$4,450 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

*end-of-period forecasts