Top Investment Opportunities

• Goldman Sachs expects gold to hit $4,900/oz by end-2026, implying a 22% gain.
• Ed Yardeni projects $5,000/oz by end-2026 (+23%) and $10,000/oz by 2030 (+146%).
• Bank of America sees potential resistance near $4,000/oz but a rebound to $5,000/oz.
• HSBC forecasts a rise to $4,400/oz next year (+8%), with moderation thereafter.

Market Drivers

Gold surpassed $4,000 per ounce for the first time on Tuesday, marking a 52% year-to-date advance—on track for its largest annual jump since 1979. Key catalysts include ongoing economic uncertainty, persistent inflation concerns and a weakening US dollar. Investors are now asking how long this rally can last.

Analysts’ Perspectives

Goldman Sachs

Goldman Sachs strategists raised their end-2026 target to $4,900/oz, citing strong central bank purchases, robust inflows into gold ETFs and normalized speculative positioning. They forecast average annual central bank gold purchases of about 80 tons in 2025 and 70 tons in 2026, as emerging-market banks diversify reserves. With Federal Reserve rate cuts on the horizon, Western ETF inflows are expected to stay firm.

Ed Yardeni

Ed Yardeni of Yardeni Research anticipates gold reaching $5,000/oz by the end of 2026 and potentially $10,000/oz by 2030. He highlights ongoing economic uncertainty and central banks’ growing gold allocations as a “gold put option” underpinning his bullish view.

Bank of America

Paul Ciana, a technical strategist at Bank of America, warns that seven straight weeks of gains and gold trading about 21% above its 200-day moving average signal waning momentum. Historical patterns suggest resistance near $4,000/oz, yet a subsequent rally to $5,000/oz remains possible before a pullback.

HSBC

James Steel, HSBC’s chief precious-metals analyst, sees gold climbing to $4,400/oz next year on geopolitical risks, Fed–independence concerns and US fiscal strains. He expects this rebound to weaken by 2026 as supply rises, physical demand softens and the dollar strengthens. HSBC projects average prices of $3,950/oz in 2026 and $3,600/oz in 2027.