UniCredit's 2026 ounce gold forecast: $3,900-$4,500 range maintained

Italian banking group UniCredit announced that it has kept its expectation for year-end 2026 ounce gold prices stable within the $3,900-$4,500 range.

UniCredit emphasized that the $3,900-$4,500 range determined for ounce gold does not necessarily mean the price will reach these levels. The bank stated that gold could follow a volatile course in the short term depending on economic and financial developments.

In the assessment, it was stated that high levels of real bond yields in the US create pressure on gold prices. It was pointed out that gold, which does not yield interest, struggles during periods when interest-bearing instruments like bonds become more attractive. The Fed's possibility of keeping interest rates high for a long time stood out as a factor supporting this pressure.

On the other hand, it was stated that concerns regarding the US public debt and budget deficits could trigger the search for safe havens and support demand for gold. Additionally, it was noted that in the event of a depreciation of the dollar, gold could become more accessible for investors using other currencies, thereby increasing global demand.