Major Banks Predict Gold Prices Will Soar Above $5,000

Gold prices have been fluctuating in global markets but saw their highest weekly close since January at $4,342.18 per ounce. Six major financial institutions announced new forecasts for gold, with all of them predicting levels above $5,000.

UBS revised its medium- and long-term outlook for gold upward to $5,000 per ounce by the first half of 2027. The bank cited central bank purchases as one of the most important drivers of the rally, noting that their reserve diversification strategy will continue to support demand for gold.

Morgan Stanley projected a 'constructive' approach to gold and reiterated its $5,200 year-end target for 2026. Standard Chartered also expected gold to average $4,200 in the third quarter of 2026, reach $4,650 in the fourth quarter, and eventually hit $5,000 in the long term.