Gold Price Likely to Keep Rising in 2026, Analysts Say

By Rob Bates | December 19, 2025

Gold has had an incredible 2025, rising 65% over the course of the year, and most analysts predict that bullion’s bull run will continue in 2026.

In fact, some believe the yellow metal’s price will cross $5,000 over the next 12 months.

A Goldman Sachs poll of more than 900 institutional investor clients found that 36% of them believe that gold could hit that once-unimaginable benchmark in 2026. One-third think it will land somewhere between $4,500 and $5,000, while 5% believe the yellow metal will start to recede.

Goldman Sachs analysts recently forecast that gold will hit $4,900 in the next year.

J.P. Morgan head of global commodities strategy Natasha Kaneva recently wrote that the convergence of forces that have been fueling the new gold rush—the weak U.S. dollar, low interest rates, heavy central bank demand, and an unstable global outlook—are “not exhausted.” The bank believes gold will cross by $5,000 an ounce by the final quarter of 2026.

The predictions come as the gold price was inching closer to another new record—$4,400. At press time, its spot price was trading at $4,354 an ounce.

It’s worth noting that the big investment banks have traditionally been cautious in their gold forecasts. In February, Goldman Sachs predicted the price of gold would rise 8% over 2025. It ended up rising eight times that.

(Photo: Getty Images)