Gold Price Rally: RBC Forecasts Gold at Just Under $5,000 in 2026! - Shanghai Metals Market

AI desk brief

RBC Capital Markets sees gold extending its rally, with prices expected to trade largely in a $4,500-$5,000/oz range into year-end and a bullish 2026 case of $4,929/oz, with 2027 upside to $5,296/oz. The firm says the core drivers remain intact: geopolitical risk, de-dollarization concerns, U.S. currency-devaluation fears, and persistent central-bank buying, which it views as the main pillar of demand.

RBC also notes that while ETPs saw temporary outflows, late-summer and recent inflows suggest investors are returning to the market. The report frames gold as increasingly strategic in professional portfolios given its low correlation to other assets.