Gold Prices May Reach $5,000/oz by Mid-2027: ICICI Bank
Gold prices may reach $4,600-$5,000 per ounce in the first half of 2027 as US real yields and a stronger dollar ease, according to ICICI Bank. The bank expects gold to trade at $4,200-$4,600 an ounce for the rest of this year with a marginal upside bias in 2027.
The medium-term outlook remains supported by investment demand, continued central bank purchases, and demand for gold as a hedge against geopolitical, financial, and policy uncertainty, ICICI Bank said. The report attributed the recent correction to a more hawkish repricing of US monetary policy amid persistent inflation concerns, higher oil prices, and stronger-than-expected labour market data.
Gold has corrected sharply in September after gaining around 9% in August, with prices down nearly 8% during the month so far. ICICI Bank expects local gold prices to remain largely driven by global bullion prices, with the rupee adding another source of volatility.