Gold may rise to $5,000/oz in H1 2027 after near-term consolidation: ICICI Bank
The bank expects gold to trade in the $4,200-$4,600 per ounce range for the rest of 2026, with a marginal upside bias in the first half of 2027
According to a research report from ICICI Bank, the price of gold may surge to $4,600 to $5,000 per ounce during the first half of 2027. Currently, the bank anticipates gold to hover between $4,200 and $4,600 per ounce for the rest of 2026, with a slight bullish outlook in the first half of 2027. The bank highlights continued investment demand, central bank purchases, and gold's role as a hedge against geopolitical, financial, and policy uncertainty as key factors propelling the medium-term outlook.
The report notes that gold prices experienced a sharp correction in September following a 9% gain in August, with prices declining nearly 8% in the month. This downturn was primarily attributed to the US Federal Reserve's more hawkish stance on monetary policy, driven by persistent inflation concerns, higher oil prices, and stronger labor market data.
Despite these short-term pressures, the bank remains confident in the metal's long-term strength, suggesting that global energy pressures may eventually lead to an upside bias in gold prices.
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