Market Giants Remain Bullish on Gold — How High Could Prices Go in 2026?

Although gold prices saw a slight pullback yesterday, it has done little to dampen the strong bullish outlook from major global banks for 2026. The latest forecast reports are increasingly bold. The most optimistic view comes from J.P. Morgan Private Bank, which projects that gold prices could climb to USD 5,200–5,300 per ounce by year-end — an exceptionally aggressive target. More mainstream forecasts are also firmly positive. DBS Bank expects gold to reach USD 5,100 per ounce in the second half of the year, while OCBC sees prices rising to around USD 4,800 by year-end. Their reasoning is largely aligned: continued central bank gold purchases, a potentially weaker U.S. dollar, and persistent global uncertainties — all of which are powerful tailwinds supporting higher gold prices.