🔺Gold Posts Largest Daily Increase Since April : Cable FX Macro

• Tuesday session saw spot gold prices rise more than 3.0% after breaching $5,0000/oz. Momentum is taking over metals prices as Reuters reported the gold/silver ratio dipping further. The CME Group said that its metal complex saw a daily record volume on Monday session. The recent increase is pushing analysts forecast higher, Deutsche Bank revised its 2026 spot gold call to $6,000/oz. A detailed list of desks' gold forecasts is provided below:

  • JP Morgan (or J.P. Morgan): $6,000 per ounce in 2026 (bullish/outlier scenario) — January 26, 2026

    (Also mentions $5,055 average by 4Q 2026 in some contexts, October 2025 update)

  • Deutsche Bank: $6,000 per ounce in 2026 — January 26, 2026

    Societe Generale: $6,000 by the end of 2026 — January 26, 2026

  • Morgan Stanley: Bull case $5,700/oz for second half of 2026 (base around $4,600) — January 23, 2026

  • Goldman Sachs: $5,400 by December 2026 (end-2026 target, raised from prior) — January 22, 2026

  • Citi Research: $5,000 (raised 0-3 month target to $5,000, with 2026 implications) — January 13, 2026

  • JP Morgan (earlier): $4,753 average, expecting $5,055/oz by 4Q 2026 — October 23, 2025

  • HSBC: $4,587 average; $4,450 by year-end 2026 — January 8, 2026

  • ANZ: $4,445 average; $4,400 by year-end and $4,600 by June 2026 — October 16, 2025

  • Bank of America: $4,438 average; 2026 outlook raised to $5,000 (with path to $5,000) — October 13, 2025

  • Standard Chartered: $4,488 average — October 13, 2025

  • Commerzbank: $4,900 average; $4,800 by mid-2026 — January 13, 2026

  • UBS: $3,825 average; potential push toward $4,700 (if real rates decline/negative) — October 16, 2025

• The wide bullish consensus for gold in 2026 is driven by central bank buying, lower real rates, geopolitical risks, and ETF/investor demand—though with variation based on scenarios (e.g., base vs. bull cases). The highest targets cluster around $5,700–$6,000 in optimistic views, while more conservative ones sit in the mid-$4,000s. Note that some forecasts' dates are from late 2025, so they've likely been influenced by gold's strong 2025 performance (already well above many prior forecasts).