Gold surged past $4,500 an ounce in 2025, marking its strongest rally in decades, and analysts say the momentum could carry into 2026.
Strategists point to structural forces — a weaker dollar, rising debt, policy uncertainty, and strong central bank buying — rather than short-term crises. With inflation proving stubborn and interest rates expected to drift lower, conditions remain favorable for gold, which tends to benefit when real yields fall.
Major banks expect prices to stay elevated next year, with forecasts ranging from $4,500 to $4,700 per ounce and potential upside toward $5,000 if current macro trends persist. While risks such as a stronger dollar could slow gains, analysts say investor positioning is still relatively balanced, suggesting the rally is not yet overcrowded.