Gold Prices May Soar to $5,000/oz in Early 2027: ICICI Bank

Gold prices may rise to USD 4,600-5,000 per ounce in the first half of 2027 as elevated US real yields and a stronger dollar ease, according to ICICI Bank.

The bank expects gold to trade in the USD 4,200-4,600 per ounce range for the remainder of 2026 with a marginal upside bias in the first half of 2027. It notes that investment demand, continued central bank purchases, and demand for gold as a hedge against geopolitical, financial, and policy uncertainty will continue to support the metal's medium-term outlook.

The bank attributes the recent correction in gold prices to a more hawkish repricing of US monetary policy amid persistent inflation concerns, higher oil prices, and stronger-than-expected labour market data. However, it notes that these near-term pressures may not be enough to reverse the broader strength in bullion.