Will US gold prices surge to $5,000? Institutions forecast new highs for gold in 2026

Bank of America recently released a report providing a new assessment of the precious metals market outlook. The bank’s strategy team believes that gold prices could break through the $5,000 per ounce mark by 2026, representing significant upside potential from current levels.

Policy-driven as the core support

Bank of America pointed out that the recent upward trend in gold is not a fleeting phenomenon. The unique economic policy environment in the United States provides a long-term foundation for support in precious metals. Although technically gold is already at a high level, from an asset allocation perspective, there is still underinvestment. In other words, even though current prices are not low, market enthusiasm for allocation remains relatively limited.

Average price target and supply pressure

Specifically, Bank of America forecasts that the average gold price in 2026 will reach $4,538 per ounce. This prediction is supported by multiple fundamental factors—mining supply is becoming increasingly tight, spot inventories remain low, and global demand structures are imbalanced, collectively pushing up the long-term value center of precious metals.

Divergence in precious metals outlooks

Simultaneously, Bank of America has raised its price forecasts for copper, aluminum, silver, and platinum in 2026, indicating an optimistic attitude toward the entire precious metals sector. However, it is worth noting that the supply pattern for palladium is different—the bank believes palladium still faces oversupply pressure and therefore has not been included in the bullish category. This difference reflects the significant disparities in the fundamentals of different metals, and investors should treat them accordingly when allocating.