RBC Bullish Gold Price Forecast Sees $5,321 Average in 2027

RBC Capital Markets' latest gold price forecasts offer a wide range of possible outcomes for the precious metal in 2027. According to its bullish scenario, gold could average $5,300 per ounce that year, with quarterly estimates ranging from $5,249 in Q1 to $5,321 in Q3.

The central case, or middle scenario, is much more subdued, with an average price of $4,225 per ounce in 2027. This still represents a relatively high price for gold, but one that is closer to current levels than the bullish case.

RBC's forecasts are based on two main approaches: macroeconomic modeling and physical supply-and-demand analysis. The latter suggests that the underlying balance of gold will loosen in 2026 and 2027, leading to a surplus of 301 tonnes in 2026 and 589 tonnes in 2027.

Despite this bearish trend, RBC's high-case scenario shows how quickly the picture could change if macro conditions turn strongly supportive. In this scenario, gold prices could rise above $5,100 by Q3 this year and reach over $5,200 by Q4.