Gold Price Set to Surge to $8,000 per Ounce by Q1 2027
Gold prices have surged over 5% in the past three days, reaching their highest level since June 18, 2026, on August 6. According to Rashad Hajiyev, founder and senior analyst at RM Capital, this breakout from a six-month bullish descending wedge sets the stage for a rally to $8,000 per ounce by the first quarter of 2027.
Hajiyev predicts an 87.93% upside, with gold currently trading at about $4,257 per ounce. He cites a similar previous breakout from a 130-day consolidation in mid-2025, which resulted in a 65% rally within 157 days.
To reach the predicted price target of $8,000, Hajiyev believes that gold must clear its resistance level near $4,500 per ounce. Another analyst, UBS Group AG, also predicts a bullish outlook for gold, expecting it to reach $5,200 per ounce by June 2027.