Gold price prediction 2026: Will bullion prices cross the Rs 1.5 lakh mark? Here’s what global banks are forecasting

Gold Price Prediction India: After a record price surge this year, gold could continue into rising spree in 2026 as well, major global banks have predicted. They have forecasted that the yellow metal price will jump by another 5 percent to 20 percent over the next year. As per them, the same forces that pushed gold to fresh highs this year, including central bank buying, inflation pressures, and investor concerns over the US economy and tariffs, may remain in place next year as well. Gold prices are currently trading around $4,187 an ounce with a gain of nearly 60 percent so far this year. In India, gold prices are currently around Rs 1.3 lakh per ten grams.

Bank of America sees gold at $5,000

Bank of America expects gold to reach as high as $5,000 an ounce next year, an increase of around 19% from current levels. The bank said the key factors supporting the rally, including expanding US deficit spending and President Donald Trump’s “unorthodox macro policies,” are still in place.
The Bank said that gold remains “underinvested” for long-term portfolios despite the recent price moves.

Deutsche Bank: $4,950

Deutsche Bank said gold could rise to $4,950 in 2026, implying up to 18% upside from current levels. Its base case is for prices to be around $4,450 next year. The bank in its analysis said that investor flows appear to have stabilized and technical signals suggest that a “positioning correction has completed.” He added that demand from central banks and ETF investors could stay strong.

However, the Bank has warned that prices could fall if equity markets weaken sharply, if the Fed cuts rates less than expected, or if geopolitical tensions ease.

Goldman Sachs: $4,900

Gold could climb to $4,900 by the end of next year, Goldman Sachs’ cohead of global commodities research Daan Struyven told Bloomberg. He said the outlook is supported mainly by rising central bank demand and expectations of interest rate cuts. Central banks have increased gold buying since Russia’s reserves were frozen after the Ukraine invasion.Struyven also expects the Federal Reserve to cut interest rates by around 75 basis points next year, with other central banks likely to follow. He said lower rates and inflation concerns may encourage investors to buy gold as a hedge. Private investors could also play a role due to the “debasement trade.”

HSBC expects up to $4,400

HSBC’s outlook is more conservative, projecting gold in the range of $3,600 to $4,400 in 2026. At the upper end, that suggests around 5% gains. It said that ongoing geopolitical shifts, nationalism, tariffs, market volatility, and questions about Federal Reserve policy are likely to persist next year. It predicts slower gains after mid-2026 due to higher gold supply, lower physical demand, and central banks possibly reducing purchases if prices stay above $4,000.