The gold price continued to display heightened volatility this week, as the precious metal fell as low as $4,460 before rebounding back to a local top of $5,085. Currently, an ounce of gold is trading at around $4,915 after buyers stepped in at the $4,660 level again to drive prices higher.
Expert forecasts: $6,000 remains in play
Although there have been some hiccups in the gold market in the short-term, the bullish trend remains untouched if we zoom out. Gold has delivered 73% gains in the last year, and some analysts at major banks expect the precious metal to go even higher in 2026. JPMorgan and Deutsche Bank are the most bullish among major banks.
JPMorgan forecasts gold at $6,300 in 2026
Gold hasn’t behaved like a quiet inflation hedge this year, which is why JPMorgan’s latest forecast stands out. The bank now sees gold climbing to $6,300 an ounce by the fourth quarter of 2026, driven by sustained demand from central banks and investors.
JPMorgan points to an ongoing and still-unfinished shift in reserve diversification, lifting its estimate for central-bank gold purchases to around 800 tons in 2026 and arguing that the move reflects a structural preference for real assets over paper ones. Rather than treating extreme price levels as hypothetical, the bank is now framing $6,300 as a realistic base case, rooted in the continuation of trends already well underway.
Deutsche Bank: $6,000 is still very possible
Deutsche Bank is telling clients that gold could reach $6,000 an ounce in 2026 as central banks and private investors continue to shift toward non-dollar and real assets. In recent commentary, the bank argued that the latest selloff went too far relative to its stated catalysts and said demand from official, institutional, and individual buyers has not meaningfully deteriorated.
Deutsche Bank added that gold’s underlying thematic drivers remain intact and that the current environment does not resemble the conditions that preceded major breakdowns in the 1980s or in 2013.
Reinforcing that view in a CNBC interview, Head of Metals Research Michael Hsueh said the bank is sticking with its $6,000 target despite heavy selling, characterizing the pullback as a tactical washout and calling the forecast reasonable given how far prices have already advanced.
Macquarie remains more conservative, sets $4,323 average gold price target for 2026
Macquarie Group has raised its near-term gold price forecasts, while stopping short of making changes to its longer-term outlook because of what it sees as a gap between underlying fundamentals and unusually high market volatility.
The bank increased its average first-quarter 2026 gold forecast to $4,590 an ounce from $4,300 and lifted its second-quarter estimate to $4,300 from $4,200. It also nudged up its average gold price forecast for full-year 2026 to $4,323 per ounce, compared with a previous estimate of $4,225.
Algorithmic gold price forecast expects gold to hit the $6,000 milestone in Q2
The gold price forecast by CoinCodex expects medium-term price action to remain positive overall, although it also foresees that the volatility in the gold market will not subside anytime soon.
Currently, this algorithmic forecast is expecting the gold price to surpass the $6,000 price level for the first time in history at the end of April, followed by a sharp correction to around $5,400.
Source:: Gold Price Forecast: Major Banks Maintain Price Targets at $6,000 and Above