Wall Street analysts predict that gold's record-breaking rally, which has already hit all-time highs this year, may extend into 2026, with some projecting gains of up to 20%. Despite gold's stellar performance—one of its best in decades—achieving double-digit growth again remains challenging. During the Asia-Europe trading session on Thursday (November 24), COMEX gold traded narrowly around $4,190 per ounce, marking a 57% year-to-date increase. This year's surge has been fueled by multiple tailwinds, including central bank gold purchases, persistent inflation, and investor concerns over U.S. economic strength and trade policies. Here’s what market experts foresee for the safe-haven asset in the coming year:

Bank of America: Potential High of $5,000/oz Analysts at Bank of America project gold could rally to $5,000 per ounce next year, a 19% rise from current levels. In a recent report, the bank highlighted that fundamental drivers—such as expanding U.S. fiscal deficits and former President Trump’s "unconventional macro policies"—are likely to persist. "Gold’s rally will only halt when these underlying factors shift," the bank noted, citing historical bull runs since the 1970s. "Many drivers remain intact, supporting our bullish outlook." The report also emphasized that gold remains "under-invested" despite recent pullbacks.

Goldman Sachs: $4,900/oz Daan Struyven, co-head of global commodities research at Goldman Sachs, suggested gold could reach $4,900 by end-2026, a 17% increase. He identified two enduring catalysts: 1. **Central Bank Demand**: Post-Russia-Ukraine conflict, reserve managers are diversifying into gold—especially physical holdings in domestic vaults—amid fears of asset freezes. 2. **Global Rate Cuts**: The Fed’s expected 75bps rate cuts in 2026, alongside synchronized global easing, may boost zero-yield assets like gold. Struyven also flagged private-sector demand via "debasement trades," where investors hedge against fiat currency depreciation. "Gold’s small market size—ETF holdings are ~1/70th of U.S. Treasuries—amplifies upside potential," he added, naming it a top commodity pick.

Deutsche Bank: Up to $4,950/oz Deutsche Bank forecasts a peak of $4,950 (up 18%), with a base case of $4,450 by year-end. Analyst Michael Hsueh noted stabilizing investor flows and technical signals indicating "positioning normalization." While central bank and ETF demand should stay robust, risks include deeper equity corrections, fewer Fed cuts, or geopolitical de-escalation. "Post-surge, gold often sees sharp pullbacks," Hsueh cautioned.

HSBC: Cautiously Optimistic at $4,400/oz HSBC’s tempered outlook sees gold trading between $3,600-$4,400 (up to 5% gain). Chief precious metals analyst James Steel cited structural shifts—rising nationalism, trade tensions, and doubts over Fed policy—as persistent supports. However, he expects slower H2 momentum due to supply increases, weaker physical demand, and potential central bank buying fatigue above $4,000.

As of 15:15 Beijing time, COMEX gold futures traded at $4,192.3/oz.