Gold (XAU/USD) is currently at a new ATH around 5,500 - 5,600 USD/ounce (recent peak ~5,608 USD on January 29, 2026), surging ~25-30% YTD driven by a weak USD, high safe-haven demand, strong central bank buying, and ETF inflows.
Key drivers pushing the price:
• Weak USD (Trump policy tolerance), geopolitical instability, persistent inflation.
• Fed holding rates but with rate-cut expectations supporting gold.
Short-term outlook through 2026: Highly bullish, consensus from major banks:
• Goldman Sachs: ~$5,400 by year-end.
• Deutsche Bank: up to $6,000.
• J.P. Morgan: heading toward $5,000-6,000.
• HSBC/Morgan Stanley: $4,800-5,700 (bull case).
Price could range 5,000 - 6,000+ USD in 2026, with potential additional 10-20% gains from current levels, though expect 10-15% pullbacks due to profit-taking after the parabolic rally.