September 10, 2026
An ongoing environment marked by geopolitical risks, global trends toward de-dollarization, and concerns about a devaluation of the U.S. currency is driving demand for gold. In its latest analyses, the renowned research firm RBC Capital Markets expects the upward trend in the precious metal to continue, reaching nearly $5,000 per ounce in 2026.
After a period of temporary stagnation, the precious metals market is showing renewed momentum. Christopher Louney, a commodities expert at RBC Capital Markets, emphasizes in a recent study that the fundamental drivers of the gold price remain fully intact. Although exchange-traded products (ETPs) experienced temporary outflows, the recovery in late summer and recent inflows indicate, according to analysts, that investors are returning to the market.
Geopolitical uncertainties strengthen gold’s role in investment portfolios
The ongoing market uncertainties stem from various factors. Trade conflicts, geopolitical tensions, political uncertainties, and debates over government budget impasses are shaping the macroeconomic environment. These factors have led many investors to feel inadequately protected with regard to the gold price and their corresponding portfolio positions.
Combined with the precious metal’s performance and its low correlation to other asset classes, gold is increasingly being established as a strategic component in professional asset management. Experts at RBC Capital Markets expect gold prices to remain largely within a range of $4,500 to $5,000 per ounce for the remainder of the current year.
Central banks remain the main pillar of demand
For the second half of the year, analysts are increasingly leaning toward the upper end of their forecast range for the gold price. In RBC Capital Markets’ bullish scenario, the gold price could reach a level of $4,929 per ounce by the end of 2026. For 2027, experts’ projections foresee a peak gold price of up to $5,296. The mid-to-high scenario is considered the most likely trading range for the entire forecast period.
A key pillar of this trend remains the buying appetite of the central banks. According to the analyst firm, the central banks’ ongoing, extensive purchases form the foundation for demand. In addition to the sheer physical volume, these institutional transactions create a basis of confidence that also serves as a guide for private and institutional investors to further shift their portfolios toward precious metals.
Source：https://goldinvest.de/en/gold-price-rally-rbc-forecasts-gold-at-just-under-usd5-000-in-2026
