Bank of America Global Research Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.

Gold surged above $4,000 an ounce for the first time ever on October 8. Gold prices scaled to another record high at $4,079.62 on Monday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure.

The bank sees the risk of a correction near-term, but still expects a further upside in 2026. "Looking into 2026, a 14% increase of investment demand — similar to what we have seen this year — could lift gold to $5,000/oz," the bank noted.