Gold prices could climb above $5,100 an ounce in 2026, according to analysts at RBC Capital Markets, who argue the metal’s role as a hedge and portfolio diversifier was further strengthened during 2025.
In its outlook for 2026 and 2027, the bank points to continued upside potential driven by sustained demand from strategic investors and central banks. RBC has retained a mid-range gold price forecast of $4,427 per ounce for 2026, but its bullish scenario sees prices reaching as high as $5,108.
Looking further ahead, the bank’s high-end projection for 2027 rises to $5,296 per ounce, reflecting expectations of ongoing market uncertainty and continued allocation to gold within diversified portfolios.
“We think a cautious take is a healthy one, citing ample risk to the upside with our high scenario the most favoured of the three in 2027,” the analysts said.
RBC noted that gold recorded 48 all-time highs during 2025 and highlighted broad-based demand growth, including rising ETF holdings, stronger bar and coin purchases, and increasing volumes of gold-backed stablecoins.
The bank concluded that gold’s appeal as a hedge and portfolio diversifier has been reinforced, even during risk-on phases, as uncertainty is expected to remain a defining feature of markets heading into 2026.
