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Gold XAU/USD

2026 Projections · 12 Banks

Live$2,920.00-14.31 (-0.49%)
$3,281
Updated just now
OverviewForecastsAnalysisThemesTechnicalsMacroTrack Record

Precious Metals Research

Gold
XAU/USD

2026 price projections from 12 leading investment banks.

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$2,920.00
Consensus YE
$3,281
+12.4%
Median
$3,325
+13.9%
Sentiment
92%
bullish

Confidence Band

Consensus
$3,437
$3,881

Based on 2025 accuracy: 68% likely range $3,437 — $3,881

All firms undershot 2025 by avg ~11.5% ($337). Consensus $3,281 adjusted for bias: $3,659, then ±1σ (6.1%).

LatestANZ updated target to $3,350 on Feb 15, 2026
Most Bullish
JP Morgan
$3,675+25.9%
Gregory Shearer
Most Cautious
Citigroup
$2,800-4.1%
Aakash Doshi
Highest Bull Case
JP Morgan
$4,000+37.0%
Gregory Shearer
Consensus
$3,281
Median
$3,325
Low Target
$2,800
High Target
$3,675
Spread
$875
Firms
12

Forecast Landscape

Year-End 2026 Targets

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Consensus: $3,281 · gold-bordered bar = nearest to consensus

Gold XAU/USD year-end 2026 firm targets, sorted by target. Consensus $3,281, spot $2920.00.
FirmTarget (USD/oz)Stancevs Spot %
Citigroup$2,800Neutral-4.1%
HSBC$2,950Bullish+1.0%
Macquarie$3,050Bullish+4.5%
Barclays$3,100Bullish+6.2%
Morgan Stanley$3,200Bullish+9.6%
Goldman Sachs$3,300Bullish+13.0%
ANZ$3,350Bullish+14.7%
UBS$3,400Very Bullish+16.4%
Deutsche Bank$3,450Bullish+18.2%
Bank of America$3,500Very Bullish+19.9%
Wells Fargo$3,600Very Bullish+23.3%
JP Morgan$3,675Very Bullish+25.9%

Quarterly Forecast Paths

Each firm's projected price trajectory through 2026

Gold XAU/USD quarterly forecast path through Q4 2026, by firm; rows are quarters, columns are firms (USD per ounce).
QuarterJPMGSBofAUBSCitiMSDBHSBCBarcANZMacqWF
Q1 '26$2,950$2,900$2,925$2,950$2,900$2,850$2,900$2,950$2,850$2,900$2,900$2,950
Q2 '26$3,100$3,050$3,100$3,200$2,850$2,950$3,050$3,050$2,950$3,150$2,950$3,150
Q3 '26$3,350$3,200$3,300$3,400$2,750$3,100$3,250$2,900$3,050$3,300$3,000$3,400
Q4 '26$3,675$3,300$3,500$3,400$2,800$3,200$3,450$2,950$3,100$3,350$3,050$3,600
JPM
GS
BofA
UBS
Citi
MS
DB
HSBC
Barc
ANZ
Macq
WF

Consensus Band

Min-max range; gold line = consensus

Gold XAU/USD 2026 consensus band by quarter: cross-firm low, consensus mean, and high targets in USD per ounce.
QuarterLowConsensusHigh
Q1 '26$2,850$2,910$2,950
Q2 '26$2,850$3,046$3,200
Q3 '26$2,750$3,167$3,400
Q4 '26$2,800$3,281$3,675

Scenario Ranges

Bear → Bull case per firm

Citi
$2,400–3,200
HSBC
$2,500–3,200
Macq
$2,500–3,400
Barc
$2,500–3,400
MS
$2,600–3,500
GS
$2,700–3,600
ANZ
$2,650–3,700
UBS
$2,650–3,800
DB
$2,700–3,800
BofA
$2,600–4,000
WF
$2,800–4,000
JPM
$2,800–4,000

Sentiment Breakdown

4
7
4
33%
Very Bullish
JPM$3,675
BofA$3,500
UBS$3,400
WF$3,600
7
58%
Bullish
GS$3,300
MS$3,200
DB$3,450
HSBC$2,950
Barc$3,100
ANZ$3,350
Macq$3,050
1
8%
Neutral
Citi$2,800
0
0%
Bearish

Cross-Asset YTD

Gold vs S&P 500 YTD

Gold Winner
+11.3%
S&P 500
+4.2%

Gold vs Bitcoin YTD

Gold
+11.3%
Bitcoin Winner
+15.4%

Gold vs USD Index YTD

Gold Winner
+11.3%
DXY
-3.2%

Explore

Forecasts

All firm projections, accuracy leaderboard, scorecards & revision timeline

Analysis

Conviction scatter, dispersion, risk-reward matrix & quarterly consensus

Themes

Key drivers, cross-firm heatmap & sentiment breakdown

Technicals

Support & resistance levels, seasonal patterns & live position

Macro

Scenario framework, historical context, correlations & central bank buying

Track Record

2025 forecast accuracy — how each firm's projections compared to actual results

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.