Deutsche Bank sees gold reaching $6000 per ounce in 2026; Citi lifts near-term silver forecast
Deutsche Bank said on Tuesday that the price of gold could climb to $6000 per ounce in 2026, while Citi raised its short-term forecast for silver to $150 an ounce.
Spot gold notched a record high above $5100 per ounce on Monday, as geopolitical and economic uncertainty sent investors flocking to the safe-haven asset.
"In alternative scenarios, a $6 900 per ounce price would in fact be more in line with the past two years' outperformance," Deutsche Bank said.
Analysts at Societe Generale also anticipate gold will reach $6000 per ounce by the end of this year, though they caution this forecast may be conservative, with scope for further gains. Morgan Stanley said on Monday that the rally could continue, highlighting a bull‑case target of $5700.
Gold prices have climbed more than 17% so far in 2026, building on gains of 64% last year, buoyed also by robust central bank purchases, inflows into exchange-traded funds and expectations of US interest rate cuts.
Goldman Sachs, in a note, said it continues to see meaningful upside risk to its gold forecast of $5,400 per ounce by December 2026.
In other precious metals, Deutsche Bank said an eventual moderation in the gold-to-silver ratio could still underpin gains in silver prices, even if the spread narrows more gradually.
Demand from China has likely supported prices for platinum-group metals, the bank added, reinforcing fundamentals that currently favour platinum over palladium.
Spot silver hit a record peak of $117.69 per ounce, while platinum scaled an all‑time high of $2 918.80 on Monday.
Citi said it remains tactically bullish while upgrading its price target for the next three months to $150 from $100.
"We expect the bullish factors to stay intact in the very near term, supporting strong investment/speculation demand and likely leading to further physical tightening in major ex-US trading hubs," Citi added.
Meanwhile, Goldman Sachs said it expects extreme price swings in silver to persist - in both directions - and advised volatility‑averse clients to remain cautious.
