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RBC forecasts gold to average $4,600 in 2026 and hit $5,100 in 2027
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Key Takeaways (30s Read)
RBC Capital Markets forecasts gold to average $4,600 in 2026 and hit $5,100 in 2027.
RBC Capital Markets has released a bullish forecast for gold prices, expecting an average of $4,600 in 2026 and $5,100 in 2027. After a 60% rise in 2025, RBC emphasizes that the rally has further room to grow due to central bank purchases and strong investment demand reinforcing gold's value.
Key Drivers
The four key drivers supporting RBC's bullish view include: 1) Geopolitical strife dividing economies, 2) AI creating uncertainties regarding inflation and growth, 3) Expectations of a softer monetary policy despite persistent inflation, and 4) High government debt acting as a drag on growth.Mining Sector Behavior
RBC notes a behavioral shift among mining companies, focusing on deleveraging and dividends, with predicted margins of $1,470/oz in 2026. This is significantly higher than margins in 2023.Stock Recommendations
Analyst Josh Wolfson points to royalty companies as attractive, upgrading Franco Nevada and Wheaton Precious Metals while downgrading Agnico Eagle, citing heavy capital expenditure as a concern.AI Analyst
AI Opinion
"RBC's bullish outlook indicates that aggressive central bank purchases are supporting the gold market. The increasing geopolitical risks and advancements in AI could drive demand higher, adding layers of uncertainty to the market. However, investors should remain cautious and not overly optimistic in their long-term strategies. The shift in mining companies' behaviors also warrants attention, as financially adaptive strategies could lead to better profitability in a changing market environment."
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