Gold Price: Gold’s extraordinary upward trajectory is showing no signs of cooling as it enters 2026, and according to market experts, the precious metal may be poised for yet another explosive leg higher.
In a recent report, brokerage house Ventura said that it believes a “cocktail powered by central bank buying, stubborn inflation, widening US deficits, and concerns around the US economy and tariffs” could propel gold prices to a target range of $4,600-$4,800 in the coming year.
An expectation of 75 bps worth of US Federal Reserve rate cuts in 2026 is expected to keep strong bidding interest alive and deepen the metal’s multi-year bull market.
Ventura highlights that gold’s bullish cycle remains “far from over” as institutional investors increasingly seek an inflation hedge, followed by rising retail and speculative participation. The firm notes that this layered demand is strengthening the foundation of gold’s long-term rally.
Meanwhile, last month, Deutsche Bank had lifted its 2026 gold price forecast to $4,450 an ounce, up from $4,000 earlier, citing steadier investor inflows and sustained central-bank buying. The bank now anticipates gold to trade in a $3,950-$4,950 range next year, with the upper end sitting roughly 14% above the current December 2026 COMEX futures price.
It described a “positive structural backdrop,” noting that strong central-bank purchases and ETF inflows are absorbing a large share of available supply, leaving less metal for jewellery demand even as total demand continues to exceed supply. Deutsche Bank kept its 2027 forecast at $5,150, saying the estimate “straddles the uncertainty” between a normalised market environment and a scenario of prolonged elevated official-sector buying.
Further more, Morgan Stanley, in an earlier report, had predicted that gold could rise to $4,500 per ounce by mid-2026, supported by firm physical demand from exchange-traded funds and ongoing central-bank purchases amid a cloudy global economic outlook. The bank noted that gold had recently entered overbought territory on the RSI gauge, but the latest pullback has “reset the market to a healthier level,” improving positioning. Morgan Stanley expects ETF inflows to strengthen as interest rates fall, while central-bank buying should continue-though at a more moderate pace-alongside stabilising jewellery demand.
The brokerage also warned of downside risks, including bouts of volatility that may drive investors toward alternative assets, as well as the possibility of central banks trimming their gold holdings, which could weigh on prices.
Gold: Portfolio Allocation Guidance
Meanwhile, brokerage house HDFC Securities notes that gold’s investment appeal has strengthened significantly amid persistent inflation, expectations of lower real interest rates and weakening faith in fiat currencies. The brokerage emphasises gold’s ability to hedge against geopolitical conflict, market volatility and deteriorating fiscal conditions across major Western economies.
HDFC Securities recommends that investors allocate 5-10% of their portfolios to precious metals such as gold and silver, with scope to increase exposure gradually depending on risk appetite. Despite short-term volatility, the firm believes gold’s medium-to-long-term outlook remains “structurally strong.”
Strong rally to $4299 was driven by expectations of a Fed rate cut (Dec 9th – 10th). The prospect of lower US interest rates continues to support gold and building confidence in December rate cut. Investors betting that softening inflation and signs of cooling labor conditions will give policymakers room to ease while dollar weakened.
Gold has posted nine straight quarterly highs
According to Ventura, gold has printed new highs for nine consecutive quarters, including Q4 2025, reflecting one of the most powerful multi-year rallies in modern history. The surge signals what Ventura calls a systemic deterioration in fiat currency value, a trend reinforced by gold now ranking as the second most important reserve asset among global central banks.
In India, the bullishness appears even more intense due to structural factors. Domestic gold prices are roughly 15% higher than Dubai, a gap driven by import duties and a persistently weak rupee-conditions that continue to fuel cross-border bullion flows.
Ventura also emphasises that global uncertainties remain at elevated levels, supporting continued demand. Historically, gold has delivered 8% annualised returns over the last five decades, particularly during periods of macro stress. Gold’s current bull run, however, is steeper and more aggressive compared to previous multi-year cycles.
Following its October 20, 2025 peak of $4,398, gold witnessed an 11% correction to $3,891 before rebounding strongly toward $4,299 in December 2025. The rally was largely driven by expectations of a December Fed rate cut and weakening inflation indicators, which softened the dollar and boosted confidence in lower interest rates.
The metal is now consolidating rather than reversing, Ventura noted, as investors engage in mild profit-taking and risk repricing ahead of major policy decisions.
Technicals: Strong support is expected at $4,200 and $4,056, with resistance levels placed near $4,255-$4,300, and further upside toward $4,381-$4,441 if these levels are breached, predicted Ventura.