RBC Stands Firm on $4,929 Gold Forecast for Year-End

RBC Capital Markets is sticking to its high scenario for gold prices in 2026. The bank forecasts that gold could reach $4,929 an ounce by year-end.

This forecast has remained unchanged since December, driven by a return of investor demand and renewed buying by central banks. Gold has been trading within a narrow range of $4,500 to $5,000 an ounce this year.

RBC points out that underlying drivers for gold remain intact despite a prolonged period of weaker exchange-traded product holdings. The bank notes that gold-backed exchange-traded funds have seen significant inflows, with over 100 tonnes of net inflows so far this year.