FILE PHOTO: A staff member shows a one-kilogram gold bar at the Galeri 24 gold and jewellery shop in Jakarta, Indonesia, October 9, 2025. REUTERS/Ajeng Dinar Ulfiana/File Photo

(Reuters) -Bank of America Global Research on Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.

Gold surged above $4,000 an ounce for the first time ever on October 8. Gold prices scaled to another record high at $4,079.62 on Monday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure. [GOL/]

The bank sees the risk of a correction near-term, but still expects a further upside in 2026.

"Looking into 2026, a 14% increase of investment demand - similar to what we have seen this year - could lift gold to $5,000/oz," the bank noted.

Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce):

Brokerage/Age Annual Price Forecasts Price Targets Forecast

ncy as of

2025 2026

Bank of $3,352 $4,438 2026 gold October

America outlook raised 13, 2025

to $5,000/oz

Societe $5000/OZ by

Generale the end of October

2026 13, 2025

$4,488

Standard

Chartered October

13, 2025

Goldman $3,400 $4,525 $4,900 by October

Sachs December 2026 7, 2025

Commerzbank* $4,000 - $4,200 per October

troy ounce by 7, 2025

the end of

next year

HSBC $3,355 $3,950 Raises 2027 October

average price 3, 2025

forecast to

$3,600/oz

(from

$2,925/oz) and

introduces a

2028 forecast

of $3,330/oz

Deutsche Bank $3,291 $4,000 $4,300 by Septembe

Q4-2026 r 17,

2025

ANZ $3,338 $3,845 - Septembe

r 10,

2025

UBS - - $4,200/oz over October

the 3, 2025

coming months

BofA $3,356 $3,750 - Septembe

r 15,

2025

Citi Research $3,400 $3,250 - Septembe

r 29,

2025

*end-of-period forecasts

(Reporting by Ishaan Arora in Bengaluru)