Gold price prediction 2026: Will bullion prices cross the Rs 1.5 lakh mark? Here’s what global banks are forecasting

Gold Price Forecast India: Major global banks predict that gold may continue its upward trend in 2026 after this year’s record price increase. They predict that the price of the yellow metal will increase another 5 percent to 20 percent next year. According to them, the factors that have driven gold to new highs this year, including central bank purchases, inflation pressures and investor concerns about the US economy and tariffs, may persist next year. Gold prices are trading around $4,187 per ounce, up nearly 60 percent so far this year. Gold prices in India are currently around Rs 1.3 lakh per ten grams.

Bank of America sees gold at $5,000

Bank of America expects gold to rise to $5,000 per ounce next year; This represents an increase of approximately 19% from current levels. The bank said fundamental factors supporting the rise were still in place, including rising U.S. deficit spending and President Donald Trump’s “unorthodox macro policies.”
Despite recent price movements, gold continues to be “underinvested” in long-term portfolios, the bank said.

Deutsche Bank: $4,950

Deutsche Bank said gold could rise to $4,950 in 2026, indicating an increase of up to 18% from current levels. The base case scenario is for prices to be around $4,450 next year. In its analysis, the bank said investor flows had stabilized and technical signals showed “the positioning correction has been completed”. He added that demand from central banks and ETF investors could remain strong.

But the Bank warned that prices could fall if equity markets weaken sharply, the Fed cuts interest rates by less than expected or geopolitical tensions ease.

Goldman Sachs: $4,900

Daan Struyven, co-head of global commodity research at Goldman Sachs, told Bloomberg that gold could rise to $4,900 by the end of next year. He said the outlook was mainly supported by rising central bank demand and interest rate cut expectations. Central banks have increased their gold purchases since Russia’s reserves were frozen following the invasion of Ukraine. Struyven also expects the Federal Reserve to cut interest rates by about 75 basis points next year, and other central banks are likely to follow suit. He said low interest rates and inflation concerns could encourage investors to buy gold as a hedge. Private investors can also play a role due to “trade adulteration”.

HSBC expects up to $4,400

HSBC’s outlook is more conservative, predicting gold will be in the range of $3,600 to $4,400 in 2026. At the high end, this represents an increase of around 5%. He said ongoing geopolitical shifts, nationalism, tariffs, market volatility and questions about Federal Reserve policy will continue next year. Slower gains are forecast after mid-2026 due to high gold supply, low physical demand and central banks likely to reduce purchases if prices remain above $4,000.