Jan 27 (Reuters) – Deutsche Bank said on Tuesday that gold could climb to $6,000 per ounce in 2026, citing persistent investment demand as central banks and investors increase allocations to non-dollar and real assets. "In alternative scenarios, a $6,900 per ounce price would in fact be more in line with the past two years' outperformance," Deutsche Bank added. Analysts at Societe Generale also anticipate gold will reach $6,000 per ounce by the end of this year, and said that forecast may be conservative, with scope for further gains. Morgan Stanley highlighted a bull-case target of $5,700, while Goldman Sachs said it sees meaningful upside risk to its gold forecast of $5,400 by December 2026. The latest round of forecast upgrades and reiterations came after spot gold hit an all-time high of $5,110.50 on Monday. The safe-haven metal has climbed more than 18% so far in 2026, extending a blistering rally that saw it jump 64% last year. Following is a list of analysts' latest gold price forecasts (in $ per ounce): Brokerage/Agen Annual Price Price Targets Forecast as of cy Forecast 2026 $6,000 per ounce in 2026 January Deutsche Bank $5,500 26, 2026 $6,000 by the end of 2026 January Societe – 26, 2026 Generale bull case is $5,700/oz for January Morgan Stanley $4,600 second half of 2026 23, 2026 Goldman Sachs – $5,400 by December 2026 January 22, 2026 Citi Research $5,000 Raises 0-3 month price target to $5,000 January 13, 2026 JP Morgan $4,753 Expects prices reaching an average of October 23, 2025 $5,055/oz by 4Q26 HSBC $4,587 $4,450 per ounce by year-end 2026 January 8, 2026 ANZ $4,445 $4,400 by year-end and $4,600 by June 2026 October 16, 2025 Bank of $4,438 2026 gold outlook raised to $5,000 October 13, 2025 America Standard $4,488 – October 13, 2025 Chartered Commerzbank $4,900 $4,800 by mid-2026 January 13, 2026 UBS $3,825 Decline in real rates, potentially into October 16, 2025 negative territory, could push gold towards $4,700 *end-of-period forecasts (Reporting by Anushree Mukherjee in Bengaluru; Editing by Mark Potter)
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