--- title: "FACTBOX-Macquarie hikes gold forecasts for 2026" type: "News" locale: "en" url: "https://longbridge.com/en/news/275013098.md" datetime: "2026-02-05T17:46:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275013098.md) - [en](https://longbridge.com/en/news/275013098.md) - [zh-HK](https://longbridge.com/zh-HK/news/275013098.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275013098.md) | [繁體中文](https://longbridge.com/zh-HK/news/275013098.md) # FACTBOX-Macquarie hikes gold forecasts for 2026 Feb 5 (Reuters) - Macquarie Group raised its average gold price forecasts for the first- and second-quarter and full-year on Thursday, but said it would wait to revise longer-term expectations due to a disconnect between market fundamentals and extreme volatility. The bank lifted its average first-quarter 2026 gold forecast to $4,590 an ounce, up from $4,300 previously and hiked its second-quarter estimate to $4,300 from $4,200. It raised its average 2026 gold price forecast to $4,323 per ounce, compared with an earlier estimate of $4,225. Spot gold was currently down 1.8% at $4,875.71 per ounce. On January 30, the yellow metal logged its steepest daily fall since 1983 a day after hitting a record $5,994.82, following U.S. President Donald Trump’s naming of Kevin Warsh as his choice for Federal Reserve chair. Prices have gained about 13% so far this year after rallying more than 64% in 2025. Following is a list of analysts’ latest gold price forecasts (in $ per ounce): Brokerage/Agen Annual Price Targets Forecast as cy Price of Forecast 2026 Expects prices Macquarie $4,323 to average $4,590 in first February 5, Group quarter and $4,300 in 2026 second quarter Wells Fargo Expects $6,100-$6,300 by February 4, Investment end of 2026 2026 Institute\* J.P. Morgan $6,300 Expects prices reaching February 2, $6,300 by 4Q26 2026 UBS - Raises target to $6,200 for January 29, March, 2026 June, and September 2026 Deutsche Bank $5,500 $6,000 in 2026 January 26, 2026 Societe - $6,000 by the end of 2026 January 26, Generale 2026 Morgan Stanley $4,600 Bull case is $5,700 for January 23, second half of 2026 2026 Goldman Sachs - $5,400 by December 2026 January 22, 2026 Citi Research $5,000 Raises 0-3 month price January 13, target to $5,000 2026 HSBC $4,587 $4,450 by year-end 2026 January 8, 2026 ANZ $4,445 $4,400 by year-end and October 16, $4,600 by June 2026 2025 Bank of $4,438 2026 gold outlook raised to October 13, America $5,000 2025 Standard $4,488 - October 13, Chartered 2025 Commerzbank $4,900 $4,800 by mid-2026 January 13, 2026 \*end-of-period forecasts ### Related Stocks - [Kinross Gold Corporation (KGC.US)](https://longbridge.com/en/quote/KGC.US.md) - [Agnico Eagle Mines Limited (AEM.US)](https://longbridge.com/en/quote/AEM.US.md) - [EFUND GOLD MI-R (82824.HK)](https://longbridge.com/en/quote/82824.HK.md) - [iShares MSCI Global Gold Miners ETF (RING.US)](https://longbridge.com/en/quote/RING.US.md) - [VanEck Junior Gold Miners ETF (GDXJ.US)](https://longbridge.com/en/quote/GDXJ.US.md) - [Sprott Junior Gold Miners ETF (SGDJ.US)](https://longbridge.com/en/quote/SGDJ.US.md) - [Sprott Gold Miners ETF (SGDM.US)](https://longbridge.com/en/quote/SGDM.US.md) - [ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF (159562.CN)](https://longbridge.com/en/quote/159562.CN.md) - [YieldMax Gold Miners Opt Inc Strgy ETF (GDXY.US)](https://longbridge.com/en/quote/GDXY.US.md) - [iShares Gold Trust (IAU.US)](https://longbridge.com/en/quote/IAU.US.md) - [Newmont Corporation (NEM.US)](https://longbridge.com/en/quote/NEM.US.md) - [SD-GOLD (600547.CN)](https://longbridge.com/en/quote/600547.CN.md) - [EFUND GOLD MI-U (09824.HK)](https://longbridge.com/en/quote/09824.HK.md) - [SPDR® Gold Shares (GLD.US)](https://longbridge.com/en/quote/GLD.US.md) - [ZHONGJIN GOLD (600489.CN)](https://longbridge.com/en/quote/600489.CN.md) - [VanEck Gold Miners ETF (GDX.US)](https://longbridge.com/en/quote/GDX.US.md) - [EFUND GOLD MI ETF (02824.HK)](https://longbridge.com/en/quote/02824.HK.md) - [Zijin Mining (601899.CN)](https://longbridge.com/en/quote/601899.CN.md) - [ChinaAMC Gold ETF (518850.CN)](https://longbridge.com/en/quote/518850.CN.md) - [Roundhill Gold Miners Weeklypay ETF (GDXW.US)](https://longbridge.com/en/quote/GDXW.US.md) - [Gold.com (GOLD.US)](https://longbridge.com/en/quote/GOLD.US.md) ## Related News & Research - [PRECIOUS-Gold rises more than 1%, but on track for worst month since 2008](https://longbridge.com/en/news/281195973.md) - [Pasofino Gold Holders Approve Mansa Resources Take-Private Deal](https://longbridge.com/en/news/281278814.md) - [PRECIOUS-Gold firms on softer dollar, but dimming Fed rate-cut hopes cap rise](https://longbridge.com/en/news/280950739.md) - [BUZZ-Gold miners gain as bullion prices tick higher](https://longbridge.com/en/news/281178839.md) - [Cerrado Gold reports Q4 results](https://longbridge.com/en/news/281642748.md)