Goldman Sachs, Deutsche Bank, and HSBC Raise Gold Forecasts to $4,900 by End of 2026

Goldman Sachs, Deutsche Bank, and HSBC have all raised their official gold price forecasts as of August 2026, with their new estimates converging on a range spanning from $4,600 to $4,900 per ounce by the end of the current year.

Goldman Sachs analysts estimated that gold is capable of reaching $4,900 in a bullish scenario, relying on three key drivers: continued central bank purchases, a weakening dollar, and rising Asian demand for the metal.

Deutsche Bank and HSBC agreed on a more conservative target ranging between $4,600 and $4,750; however, both noted that a wave of geopolitical tensions linked to the Strait of Hormuz could push the price toward the upper bounds of this range.

The three analysts outlined a unified bullish scenario for the metal in the fourth quarter of 2026, emphasizing that this convergence among major global banks reflects a firm conviction that gold remains in a structural uptrend — and not merely a temporary bounce.

What do these terms mean?

Bullish scenario: The best-case forecast set by analysts under the most favorable conditions, representing the ceiling the price could reach if all positive factors align simultaneously.

Asian demand: The growing demand for gold from countries such as China and India, encompassing government purchases as well as purchases by individual consumers and investors in these markets.

Structural uptrend: A sustained rise in an asset's price fueled by a shift in the root causes of supply and demand, rather than a mere speculative wave or reaction to transient news.