OCBC has raised its 2026 gold price forecast to $5,600 per ounce, citing increasing demand for safe-haven assets.

OCBC has raised its end-2026 gold price target to $5,600 per ounce from $4,800, citing recent sharp gains and enduring structural demand rather than a shift in its core market view. Gold has climbed about 17% so far in 2026 and has stayed elevated despite periodic pullbacks.

The bank said prices are now supported less by isolated event risks and more by a prolonged environment of uncertainty that is driving diversification into non-sovereign assets. OCBC highlighted a persistent pricing premium that cannot be fully accounted for by traditional factors such as yields, the US dollar, ETF flows, volatility, or policy uncertainty. This premium reflects a geopolitical and uncertainty component increasingly embedded in gold prices, fueled by ongoing geopolitical tensions, policy unpredictability, and concerns over confidence in the dollar. OCBC added that the broader uptrend remains intact, underpinned by structural geopolitical risks, accommodative monetary conditions, and continued support from official sector and ETF demand.

Sources: Investing