Gold's recent surge has caught the eye of investors, but according to Bank of America analysts, while the metal may be overbought in the short term, underlying factors suggest it is still underinvested and poised for potential gains in 2026. "The magnitude of the current rally is not out of the ordinary when compared to any of the gold bull markets since 1970," analysts wrote, adding that sharp monthly price declines of more than 10% have historically been followed by strong rallies.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Structural problems including high debt levels, deficits and geopolitical risks remain.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Some 39 analysts and traders expect gold prices to average $4,275 in 2026 – a sharp increase from their forecast of $3,400 in July.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Even after setting all-time highs, gold could defy historical precedent and keep rallying, according to a research paper from two experts in finance.
Comex gold futures were consolidating above the 20-day simple moving average on the daily chart, RHB said, adding that the metal is likely to resume its uptrend toward $4,400.
Gold pared losses after soft inflation data but remains vulnerable, while silver holds support, and the U.S. Dollar Index awaits a breakout from consolidation.
Gold "doesn't seem like it has any chance of slowing down," says Will Rhind. He points a likely run-up to several factors, from a weakening dollar, to persistent inflation, to central banks around the global loading up on the rare metal.
Silver outlook bearish into next week as market watches Fed guidance and deeper value levels at $41.40 and $38.31 for potential reentry.