19.07.2026 07:50
The world's leading 5 banks have announced their new price forecasts for gold. Goldman Sachs projects $4,900 per ounce by the end of 2026, while HSBC, Bernstein, Saxo Bank, and Bank of America also assess that despite short-term interest rate pressure, gold will maintain its strong long-term trajectory due to central bank purchases and geopolitical risks.
Increasing uncertainties in the global economy, the US-Iran war, interest rate policies, and geopolitical risks are increasing pressure on gold prices, while the world's leading 5 banks have announced their new forecasts. Goldman Sachs, HSBC, Bernstein, Saxo Bank, and Bank of America agree that although short-term fluctuations are expected, gold will maintain its strong outlook in the medium and long term.
In global markets, attention is focused on the US Federal Reserve's interest rate steps on one hand, and central banks' gold purchases on the other. Major financial institutions stated that high real interest rates and a strong dollar could suppress gold in the short term, but reserve diversification, ETF inflows, and ongoing central bank purchases will support prices.
GOLDMAN SACHS FORECASTS $4,900
Goldman Sachs reported that central banks' large-scale gold purchases are creating a strong base for prices.
Bank analyst Lina Thomas highlighted the 81-ton gold purchase in May, noting that three-month averages are well above the pre-2022 level of 17 tons.
Assessing reserve diversification against geopolitical and financial risks as a long-term trend, Goldman Sachs maintained its year-end 2026 gold price forecast at $4,900 per ounce.
HSBC WARNS OF SHORT-TERM PRESSURE
HSBC predicted that gold continues to offer portfolio diversification but may move within a specific price range in the short term due to high real interest rates and a strong dollar.
The report stated that gold, which hit an all-time high of $5,598 in late January, has moved similarly to stock markets this year, partially weakening its traditional safe-haven characteristic.
Despite this, the bank expects further rises in gold prices by year-end, supported by central bank purchases, ETF inflows, and diversification demand.
BERNSTEIN RAISES ITS FORECAST
Bernstein raised its average price forecast for 2026, despite gold falling from $4,650 per ounce in early April to $4,000 by the end of June.
The bank revised its previous forecast upward, announcing an average gold price of $4,533 per ounce.
Analysts emphasized that rising real interest rates are putting pressure on gold, but there is no change in long-term expectations for 2030.
SAXO BANK SEES A RANGE OF $3,950-$4,200
Saxo Bank Head of Commodity Strategy Ole Hansen said they expect gold to trade between $3,950 and $4,200 per ounce in the short term.
The report noted that gold, which rose above $4,100 following US inflation data, fell back to $4,000 due to rising oil prices and tight monetary policy concerns.
Hansen stated that market uncertainty could persist for some time, but gold will show a stronger outlook compared to silver and platinum.
BANK OF AMERICA LOWERS ITS FORECAST
Bank of America, however, citing expectations that the Fed will continue raising interest rates, cut its 2026 average gold price forecast by 14% to $4,360.
Despite revising its price forecast downward, the bank maintained its optimism regarding gold mining companies.
The report stated that in a high-interest-rate environment, investors may shift from technology stocks to different sectors, and gold mining companies with strong balance sheets and cash flows could stand out in this process.
Although the forecasts of major banks vary, the common expectation among institutions is that high interest rates will suppress gold prices in the short term, but central bank purchases and geopolitical risks will continue to support the rise in the long term.