RBC Capital Markets is leaning towards its high scenario for gold, forecasting a price of $4,929 an ounce by the end of 2026.
The bank has maintained the forecasts it published in December, citing a return of investor demand and renewed buying by central banks.
Gold has traded mostly between $4,500 and $5,000 an ounce this year, and RBC expects that range to hold for the remainder of 2026.
RBC said underlying drivers for gold remained intact despite a prolonged period of weaker exchange-traded product holdings.
Gold-backed exchange-traded funds have attracted more than 100 tonnes of net inflows so far this year, with the pace accelerating sharply since the start of August.
RBC expects investor flows to drive more than 200 tonnes of gold inflows this year as allocations climb amid renewed debasement concerns.
The bank pointed to concerns over deficits, monetary and fiscal policy, and record government debt hitting $40 trillion, alongside de-dollarisation, diversification and debasement-driven flows, as supports for elevated gold prices.
It also highlighted a negative correlation between gold prices and Donald Trump’s approval rating during his second term as part of its assessment of uncertainty-driven demand.
For 2027, RBC favours its high scenario of $5,296 an ounce, while it considers its mid-to-high range the most likely price band across the forecast horizon.
Source: finance.yahoo.com
