OCBC: Raises Gold Price Target to $5,600 by End-2026

Odaily News OCBC analysts have raised their price forecast for gold, now expecting the price to reach $5,600 per ounce by the end of 2026. The bank's FX strategist Christopher Wong stated that this upward revision stems from the strong rally in the safe-haven metal, prompting the bank to raise its original forecast of $4,800. Wong noted that the rise in gold prices reflects recent developments and their persistence exceeding expectations, rather than a reassessment of the underlying rationale. "What has evolved is the degree of gold allocation, not the fundamental reasons for holding gold." Wong pointed out that rising government debt, geopolitical concerns, and policy uncertainty have significantly elevated gold's structural position in investors' asset allocation. Gold is no longer merely a crisis or inflation hedge but is increasingly viewed as a neutral, reliable store of value that offers portfolio diversification. (Jin10)