Gold Forecast: Banks Lift Targets After Gold Breaks Above $5,100

By Patrick Timely

Gold has entered a new phase after breaking decisively above the $5,000 level, with spot gold now trading around $5,100. The move marks a historic milestone for the precious metal and has prompted major banks and strategists to reassess long-term price expectations as macro and geopolitical pressures intensify.

The breakout above prior all-time highs suggests a structural shift rather than a short-lived spike. Analysts increasingly point to central bank accumulation, inflation hedging, and weakening confidence in fiat currencies as core drivers supporting higher gold prices over the medium to long term.

Goldman Sachs raises 2026 gold target to $5,400

Goldman Sachs has reinforced the bullish narrative by lifting its 2026 gold price forecast to $5,400 per ounce. The bank cited sustained demand from central banks and long-term investors as a key factor behind its revised outlook.

According to Goldman’s commodities research team, recent buyers are less price-sensitive and more strategically motivated, which helps establish a higher price floor. The bank also highlighted ongoing reserve diversification by emerging market central banks and the potential for future rate cuts to reduce real yields, conditions that historically favor gold.

JUST IN: $3 trillion Goldman Sachs forecasts gold at $5,400 by the end of 2026 – Reuters. pic.twitter.com/RgytJG1tCj

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Central bank demand and geopolitical risk support the trend

One of the strongest pillars behind gold’s rally has been persistent central bank buying. According to data from the World Gold Council, official sector purchases remained elevated throughout 2025, reflecting a broader shift away from U.S. dollar exposure.

Geopolitical tensions have added further support. Ongoing conflicts in Eastern Europe and the Middle East, combined with rising trade friction and concerns around fiscal stability in major economies, have reinforced gold’s role as a neutral reserve asset. Analysts note that in an increasingly fragmented global landscape, gold is viewed less as a speculative trade and more as strategic insurance.

David Roche sees path toward $6,000

Veteran strategist David Roche, president of Quantum Strategy, has outlined a more aggressive scenario in which gold prices could climb toward $6,000 per ounce. Roche argues that a continued shift by central banks away from traditional currencies could materially reshape demand for bullion.

In his view, declining trust in global monetary coordination and growing geopolitical fragmentation favor tangible reserve assets. Under this framework, gold is undergoing a form of re-monetization rather than behaving purely as a commodity.

Wall Street outlooks converge at higher levels

Beyond Goldman Sachs, several major financial institutions now project gold prices well above historical norms. UBS has echoed a $5,400 target, while Yardeni Research has outlined a bullish case for $6,000 amid persistent fiscal deficits and rising sovereign debt burdens.

Jefferies has published one of the most optimistic mainstream projections, suggesting gold could reach $6,600 per ounce if inflation risks remain elevated and geopolitical instability continues to suppress confidence in fiat assets.

While assumptions vary, the common theme across these forecasts is that gold’s role in global portfolios is expanding beyond traditional hedging into long-term strategic allocation.

Kiyosaki’s long-term bull case stands apart

Outside institutional analysis, investor and author Robert Kiyosaki continues to advocate an ultra-bullish stance on gold. He has repeatedly framed the metal as protection against systemic financial risk, citing long-term currency debasement.

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— Robert Kiyosaki (@theRealKiyosaki) November 9, 2025

Kiyosaki has floated long-term price targets far above Wall Street estimates, including figures well into five digits per ounce. While such projections sit outside conventional forecasting models, they reflect broader retail sentiment that continues to underpin gold’s multi-year uptrend.

CoinCodex’s 6-month gold forecast

According to CoinCodex’s gold price prediction, the metal could average around $5,200 in January 2026, with upside extending toward $6,300 by February and $6,700 by March if momentum continues. The model then projects a more aggressive acceleration into the second quarter, with average prices approaching $7,000 in April and $7,700 in May.

By mid-2026, CoinCodex’s upper-range scenarios place gold between $8,500 and $9,500, with July estimates showing an average price near $8,800 and a potential peak above $9,500 per ounce.

While the forecast reflects strong trend persistence, macro uncertainty, and continued safe-haven demand, outcomes of this magnitude would likely require sustained central bank buying and ongoing geopolitical stress. As a result, the CoinCodex outlook is best viewed as a high-conviction upside framework rather than a base-case expectation, particularly given gold’s history of consolidation following parabolic advances.

Gold outlook remains constructive, with volatility risks

As gold consolidates above $5,000, analysts caution that volatility remains a factor, particularly in news-driven markets. Shifts in geopolitical narratives, unexpected improvements in global stability, or changes in interest rate expectations could trigger interim pullbacks.

Still, with prices holding near record levels and institutional forecasts trending higher, the broader gold outlook remains constructive. The metal’s ability to attract both defensive and strategic capital suggests that the current cycle may have further room to develop beyond its historic breakout.

Source:: Gold Forecast: Banks Lift Targets After Gold Breaks Above $5,100