Gold shattered records past $5,100 per ounce in late January 2026, capping a 64% 2025 surge and an 11% January start, leaving investors asking if the rally has more room. Prominent voices—from bank strategists to independent gold advocates—mostly bet yes for 2026, driven by central bank hoarding, geopolitics, and policy chaos, though timelines vary.
Goldman Sachs Team: “$5,400 Central Bank Bonanza Awaits Gold”
- Target: $5,400/oz by end-2026
Goldman Sachs strategists hiked their call this week, noting emerging-market central banks’ steady 60-tonne monthly buys and private investors hedging “global policy risks” with no rush to sell amid macro fog.
Spot gold hit $4,888 mid-week after ETF inflows beat Fed-cut forecasts, cementing a higher baseline as 2025’s record holdings draw even more inflows.
Ross Norman: “Geopolitics Rockets Gold to $6,400 Peak”
- Target: $6,400/oz high in 2026, averaging $5,375.
Veteran metals analyst Ross Norman sees the record run extending on relentless geopolitics and central bank bids keeping supply pinched, even as prices blast past $5,100 this week. He expects the rally to broaden, trumping bank targets with safe-haven acceleration into a blowout year.
Ed Yardeni: “Fiscal Madness Ignites $6,000 Gold Fireworks”
- Target: $6,000/oz in 2026, eyeing $10,000 by 2030.
Yardeni Research president Ed Yardeni pins the 38% jump from 2025’s close on runaway deficits, wars, and Fed leniency, framing gold as fiat’s arch-nemesis in an era of borrowing binges. His aggressive stance matches the crowd’s macro worries but dials up the extremes for believers.
Jürgen Kiener: “$6,000 Launchpad to $8,000 Gold Mania”
- Target: $6,000+ in 2026, climbing to $8,000/oz by 2028.
Swiss Asia Capital’s Jürgen Kiener calls for explosive upside from deficits, Fed inflation blind spots, and endless conflicts, building on gold’s 184% run since 2019 and fresh January highs. For him, 2026 kicks off a debasement supercycle that shocks skeptics.
Giovanni Staunovo: “Lower Yields Thrust Gold to $5,000 Haven”
- Target: $5,000/oz in 2026.
UBS analyst Giovanni Staunovo forecasts gains from falling real yields, economic jitters, and U.S. policy wildcards, with central banks and investors chasing gold’s “counterparty risk-free” status. Non-yielding bullion thrives as markets eye two Fed cuts, amplifying safe-haven bids.
Lukman Otunuga: “Geopolitics and Rate Hopes Fuel $5,000+ Gold Bulls”
- Target: Higher into 2026 beyond early-year records.
FXTM senior analyst Lukman Otunuga highlights bulls rebounding from 2025 profit-taking on geopolitical sparks and U.S. rate cut bets, powering precious metals’ blockbuster start to the year. Gold’s freedom from yield traps positions it perfectly for the low-rate road ahead.
Smart Investor Plays
These gold bugs and pros converge on $5,000–$6,400 highs for 2026, bound by 500+ tonnes quarterly central bank demand and haven flows amid flashpoints like Venezuela and Iran. Bullish consensus screams diversification—size bets to match your horizon, eyeing Fed twists or dollar pops as volatility triggers.
