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Gold delivered strong gains in 2025, growing by more than 60% and seeing record highs. Those gains build on the strength that the precious metal has enjoyed over the past five years, during which time its price has increased by more than 70%.
Many analysts value gold for its intrinsic value and its applications in various industries. Those same analysts also feel bullish about gold in 2026. While analysts have different price targets in mind, the general consensus is that gold will continue to rally.
Goldman Sachs’ gold price target
The most recent research from Goldman Sachs suggests that, although gold set another all-time high of $5,589 on January 28, its price is expected to stabilize around $5,400 per troy ounce by the end of 2026. This is one of the most conservative targets among the major banks that cover gold.
Goldman Sachs’ analysis mentions central banks accumulating gold as a bullish catalyst for the precious metal. It also singles out federal debt as a gold price catalyst.
At the time of writing, the U.S. has more than $38.7 trillion in debt; a higher portion of that is going exclusively to interest payments. As those payments take up a higher percentage of debt-related expenses, gold should continue to rally.
Declining interest rates can also incentivize more investors to borrow additional capital. Goldman Sachs’ research points out that gold ETF inflows tend to increase as interest rates fall. Some people may borrow money to increase the size of their holdings, while others may feel inclined to put more money into the asset, seeing a bullish indicator in play.
Deutsche Bank’s gold price target
Deutsche Bank’s price target for gold is much more optimistic than Goldman Sachs’, currently sitting at $6,000 by year’s end. But the bank also suggests in some of its alternative paths that it could go as high as $6,900, which would be “more in line with the past two years’ performance.”
Deutsche Bank has mentioned ramped up central bank activity as a catalyst for gold’s long-term performance. With many nations deep in debt, gold offers insulation from the constant money printing and steady inflation.
JPMorgan’s gold price target
Like many other big investment banks, JPMorgan also revised their price target after gold’s January-28 high. Its analysts now predict a similarly bullish projection of $6,300 per ounce by the end of 2026, suggesting that demand from central banks and investors should keep pushing prices higher.
That doesn’t mean gold’s price will steadily climb to that price target. JPMorgan has said that we could see a downturn due to expected tariffs from the Trump administration. Some gold investors may interpret this as waiting for the dip. Any dips in gold make it easier to accumulate more gold with the same cash.
A dollar-cost averaging approach can work for investors who are bullish on gold but are nervous about missing the timing on great opportunities. Buying some gold each month ensures you start a position and capitalize on any dips along the way.
How credible are gold price targets?
You should never make an investment based on price targets. The assumptions analysts use can be thrown out of the window with a single piece of breaking news. However, analysts do more research than the average individual. It’s their full-time job to stay well-informed on markets for assets like gold.
While gold is not guaranteed to reach $6,000 per troy ounce in 2026, analysts always highlight the research and catalysts that helped them reach their price targets. Some of the common catalysts mentioned among bullish gold investors include:
- Central banks are buying more gold
- Geopolitical uncertainty persists
- Inflation may go up as a result of tariffs
- Interest rates may continue to go lower
Should you buy gold?
Gold has been a vital medium of exchange for thousands of years, dating back to ancient Egypt. It’s also a valuable resource for many industries, especially luxury products. Gold has delivered solid long-term gains and is up by roughly 170% to 190% over the past five years, depending on the exact date you start counting from.
One of gold’s key strengths over other assets is that it can perform well during periods of global uncertainty. Stocks and real estate tend to lose value during those same economic cycles. Gold can act as a hedge that shields you from inflation.
Many experts recommend investing no more than 5–10% of your holdings in alternative assets like gold, but each investor is different. Before buying gold, it is important to consider your long-term financial objectives and risk tolerance.
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