- Wall Street analysts remain optimistic on Gold despite recent price drops.
- Goldman Sachs sets a 2026 gold price target of $4,900 per ounce.
- JP Morgan forecasts gold will reach $5,055 per ounce by late 2026.
- Bank of America predicts gold prices could peak at $6,000 per ounce by mid-2026.
- Market dip seen as a technical correction and profit-taking following strong gains.
Gold prices dropped by as much as 8% earlier this week, but Wall Street analysts continue to express confidence in a rebound. Despite this decline, the gold price has increased more than 60% this year, surpassing many traditional stocks and other precious metals.
Goldman Sachs reiterated its 2026 price target for gold at $4,900 per ounce on Thursday. The firm expects global central banks to keep increasing their gold reserves over the next year. They also noted that many long-term investors, such as sovereign-wealth funds, pension funds, and asset managers, are planning to boost gold holdings as a way to diversify their portfolios.
Meanwhile, JP Morgan updated its gold price forecast to $5,055 per ounce, anticipating this level will be reached in the fourth quarter of 2026. The bank attributed recent demand growth to retail investors and central banks worldwide, explaining that the recent price dip likely resulted from investors selling to lock in profits.
Bank of America maintained a “long gold” recommendation and raised its forecast to $6,000 per ounce by mid-2026. The firm also increased its silver price target to $65 per ounce, reinforcing its bullish view on precious metals.
Technical market factors were also noted by experts. Standard Chartered analyst Suki Cooper described the recent price fall as a “technical correction,” reflecting an expansion in the number of investors. Bart Melek, global head of commodity strategy at TD Securities, told Bloomberg that dealers are taking profits after a strong rally, which caused gold’s recent gains to appear unsustainable in the short term.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- OpenAI Acquires Startup Founded by Ex-Apple Staff to Boost ChatGPT
- Crypto Rally Boosted by Trump Pardon of Binance Founder CZ
- Near blockchain’s $2.8 billion token market confronts inflation challenge – DL News
- Coinbase CEO: Crypto Legislation Momentum Surges, Year-End Hopes
- North Korea Accused of $2.8B Crypto Hacks in 2024 Report
