Gold Prices Poised to Surge Above $5,000/oz Amid De-dollarization and Dollar Concerns

Gold prices are poised to resume their march above $5,000 per ounce due to geopolitical instability, global de-dollarization, and worries over US dollar debasement. According to Christopher Louney, Director of Global Commodity Strategy and MENA Research at RBC Capital Markets, these factors will push gold prices higher.

Louney notes that while the underlying drivers for gold may have been on pause, they remained intact throughout 2025. Despite a lost quarter for ETP holdings, he believes that the return of uncertainty, de-dollarization, and debasement concern-driven allocations is still on the horizon, which will drive gold prices higher.

RBC's forecast suggests that gold should spend most of its time in the $4,500-5,000/oz range for the remainder of 2023. For Q3 and Q4 of this year, as well as annual forecasts, Louney favors a mid-to-high scenario range of $4929/oz by the end of 2026 and $5296/oz in 2027.