Gold prices surged by 63% in 2025; since the end of 2019, the cumulative increase has reached approximately 184%.
Entering January 2026, the upward trend in gold prices has not abated, with a monthly gain of around 6% already recorded. The February gold futures contract on the COMEX closed at $4,588.40 per ounce on January 16, marking a weekly increase of 2.2%, although the price experienced a slight decline on that particular day.
What is driving the sustained rise in gold prices? In line with stock market logic, the market generally holds a bullish attitude towards gold's trajectory in 2026. A survey targeting Wall Street institutions revealed that respondents forecast gold prices to rise an additional 17% from their end-2025 levels.
The massive global demand fueling the gold price rally stems from the following sources: Central bank buying spree: Global central banks, led by Asian institutions, are aggressively purchasing gold as a tool to hedge against the risk of their local currencies depreciating. Frenzied private buying: Enthusiasm for purchasing gold in the market is intense. Hedge fund asset allocation adjustments: Hedge fund portfolios have traditionally been concentrated in stocks, bonds, and government debt, with real estate added in recent years; they are now increasingly buying gold, incorporating it as a new asset class. Retail purchasing channel convenience: Average consumers in the United States and other regions can now easily buy gold through retailers like Costco and various gold jewelry stores.
Wall Street's view on the 2026 gold price trend Traditionally optimistic and proactive, Wall Street is bullish on gold for 2026 based on the aforementioned factors: massive fiscal deficits, tense global geopolitical situations, and a weaker US dollar.
It is important to note that the forecast ranges provided by various institutions are relatively concentrated.
Some institutions offer more aggressive predictions: Jürg Kiener of Singapore-based Swiss Asia Capital predicts gold will reach $8,000 per ounce by 2028. Yardeni Research, based in Glen Head, New York, forecasts that gold will rise to $6,000 per ounce as early as 2026.
The firm's founder, Ed Yardeni, holds an even more optimistic expectation. In a report dated December 23, 2025, Yardeni suggested that, driven by massive global government deficits, persistent international tensions, and inflation pressures stemming from Federal Reserve policy, gold prices could potentially reach $10,000 per ounce by 2030.
Let us wait and see.
Analyst price predictions for 2026 are as follows (calculated based on the closing price of $4,341.10 per ounce at the end of 2025): Jefferies Group: $6,600 | Up 52.04% Yardeni Research: $6,000 | Up 38.21% UBS Group: $5,400 | Up 24.39% JPMorgan Chase & Co.: $5,055 | Up 16.45% Charles Schwab Corp.: $5,055 | Up 16.45% Bank of America: $5,000 | Up 15.18% ANZ Bank (Australia): $5,000 | Up 15.18% Deutsche Bank: $4,950 | Up 14.03% Goldman Sachs Group: $4,900 | Up 12.57% Morgan Stanley: $4,800 | Up 10.57% Standard Chartered Bank (UK): $4,800 | Up 10.57% Wells Fargo: $4,500-$4,700 | Up 3.65%-8.26%
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