OCBC Bank: Raises its year-end 2026 gold price target to $5,600

OCBC Bank analysts have raised their gold price forecast, now expecting gold to reach $5,600 per ounce by the end of 2026. Christopher Wong, the bank's foreign exchange strategist, said the upward revision stemmed from the strong rally in the safe-haven metal, prompting an upward revision from the previous forecast of $4,800. Wong stated that the rise in gold prices reflects recent developments and their unexpected persistence, rather than a reassessment of the underlying logic. "What has evolved is the degree of gold allocation, not the fundamental reasons for holding gold," Wong pointed out. Rising government debt, geopolitical concerns, and policy uncertainty have significantly enhanced gold's structural position in investors' asset allocation. Gold is no longer merely a crisis or inflation hedge, but is increasingly seen as a neutral and reliable store of value, providing asset diversification. (Jinshi)