Major banks increase forecast for world gold price in 2026
Two major banks have just raised their forecast for world gold prices to $5,000/ounce by 2026, after the gold market has continuously increased strongly in recent weeks.
On the morning of October 16, data from the Intercontinental Exchange (ICE) showed that the price of gold jumped to 4,234.16 USD/ounce, up 1.13% or 47.3 USD/ounce in the past 24 hours. Previously, in the trading session on October 15, the spot gold price also reached its peak of the day at 4,186.86 USD/ounce.
Experts say the main reason for the sharp increase in gold prices is the unstable political situation and the US Federal Reserve (Fed) continuing to lower interest rates.
“The current rally is driven by increased uncertainty after President Donald Trump threatened to impose 100% retaliatory tariffs on China,” said Gary Wagner, senior gold technical analyst.
In parallel with this development, a series of major banks in the world have also adjusted their gold price forecasts.
Commodity experts from Societe Generale, Europe's leading financial institution, believe that gold prices still have a lot of room to increase. According to analysis, in the short term, world gold prices could increase by about 1,000 USD/ounce compared to the current level.
Just a month ago, when gold prices were still trading below $4,000 an ounce, Societe Generale predicted that the precious metal could reach $4,318 an ounce in the fourth quarter of 2025.
However, following new market developments, along with continued strong inflows from ETFs and central banks into gold, the bank has decided to raise its price target to $5,000/ounce by the end of 2026.
Not only Societe Generale, Bank of America (BoFA), the largest bank in the US, also gave the same forecast. BoFA believes that the White House's unconventional economic policies in the coming time may continue to create conditions for gold prices to increase.
Jamie Dimon, CEO of JPMorgan Chase, believes that this precious metal could increase even more in the coming time. According to him, in the context of the world economy and politics are many fluctuations, the price of gold can completely surpass the 5,000 USD mark, even up to 10,000 USD/ounce.
According to JPMorgan data published since June 2025, gold prices are still maintaining a steady upward trend (bullish) and can maintain this momentum until the end of the year. Indeed, those predictions are becoming accurate as gold continues to set new highs.
