Brokerages continue to see bullish trends for gold in their long-term outlook, even as rate hike bets, inflation concerns, and a strong dollar and oil prices have weighed on prices, forcing some banks to cut near-term prices. On Tuesday, Bank of America said it was cutting 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 gold’s reach after the Fed’s tightening cycle ends. Last week JPMorgan said risks to its gold forecast were sticking to the downside due to a possible initial interest rate hike by the US Fed, while it maintained a longer-term bullish outlook into 2027. Spot gold was down more than 4 ounces on Wednesday and was near $60.

Below is a list of the latest gold price forecasts from analysts ($ per ounce): Brokerage/AG Annual Price Targets Forecast ency Price Forecast t 2026 Bank of $4,360 Reaches $5,000/oz July 7, US Once the Fed tightens prices at $40,500 or J5,4,500 end July 2, 2026 Average $4,300/oz in 3Q26 and $4,500/oz in 4Q26 Goldman – $4,900 by Dec 2026 June 18, Sachs 2026 ANZ* $5,600 deferred $6,000/oz gold target mid 1520-1520 2027 Macquarie $4,323 Feb group expects price first 5, averaging $4,590 in the 2026 quarter and $4,300 in the second quarter Wells Fargo expects $6,100-$6,300 by February. March, 29, 2026 $6,200 for June and September 2026 January, 2026 January 26, 2026 Deutsche Bank in Society $5,500 $6,000 – by the end of January General 2026 $6,000 for January 26, 2026, $40, Second Morgan, $500 of 2026 Half 23, 2026 Citi $5,000 0-3 month price hike January research target to $5,000 13, 2026 HSBC $4,587 $4,450 by year end 2026 January 8, 2026 ANZ $4,400 by end June $40, 2026 16, 2025 Standard $4,488 – October Chartered 13, 2025 Commerzbank $4,900 $4,800 By mid-2026 January 13, 2026 * Estimated end of period