TABLE-Deutsche Bank raises 2026 gold price forecast
Updates with forecast from Deutsche Bank
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
(Reporting by Sherin Elizabeth Varghese in Bengaluru
Editing by David Goodman)
((sherinelizabeth.varghese@thomsonreuters.com;))