Top Investors Think Gold Can Hit $6,200

Fund managers surveyed by Bank of America expect gold to peak at $6,200 per ounce, according to the bank's February 2026 global fund manager survey. With gold trading at $4,937.40 per troy ounce on Tuesday morning, that target implies roughly 25% upside from here.

And Bank of America isn't alone. A growing chorus of major banks and research firms are clustering their 2026 gold forecasts in the $6,000 to $6,600 range, making this one of the most uniformly bullish periods for the metal in recent memory.

What Did the Bank of America Survey Find?

The BofA poll surveyed 190 global investment fund managers managing $512 billion in assets. The weighted-average answer for gold's peak landed at $6,200 per ounce. Within that number, opinions varied. About 20% of respondents believe gold has already topped, while 19% expect prices to climb above $7,000.

That split tells you something. Even among professional money managers, gold's trajectory is far from settled. But the consensus leans heavily bullish.

Who Else Is Calling for $6,000+?

Bank of America's survey fits neatly into a broader trend. Several of the world's largest financial institutions have staked out similar targets for 2026.

UBS strategist Dominic Schnider raised his forecast to $6,200 per ounce by mid-2026, up from a previous target of $5,000. His bull case runs as high as $7,200, with a downside floor around $4,600. JPMorgan's Natasha Kaneva, head of Global Commodities Strategy, is slightly more aggressive at $6,300 by end of 2026, driven by an expectation that central banks will buy around 800 tons of gold this year.

Deutsche Bank's head of metals research Michael Hsueh reiterated a $6,000 target in early February. BMO Capital Markets outlined a bull case of $6,350 by Q4 2026 if central bank purchases and ETF flows continue at their current pace. Jefferies' Christopher Wood, global head of equity strategy, has personally targeted $6,600, tying his forecast to US disposable income trends.

Then there are the outliers. Robert Kiyosaki, the "Rich Dad Poor Dad" author, has called for $27,000 gold, citing currency debasement and what he describes as a systemic loss of trust in fiat money. Peter Schiff, a longtime gold advocate, continues to recommend buying dips.

On the other side, contrarian voices like Dr. Rakesh Bansal argue the 2026 high is already in at the all-time high set in January.

Why Are So Many Analysts Bullish?

The bull case rests on several overlapping themes that have been building for over a year.

Central bank buying is the biggest driver. Banks worldwide purchased record amounts of gold in recent years, diversifying reserves away from the US dollar. JPMorgan expects another 800 tons of purchases in 2026 alone.

Fiscal deficits and currency debasement continue to push investors toward hard assets. The US deficit remains massive, and the Fed's patient stance on rate cuts keeps real interest rates relatively low. That environment favors non-yielding assets like gold.

Geopolitical risk hasn't eased either. Ongoing tensions across multiple regions sustain safe-haven demand. And on the supply side, mine output remains inelastic. Producers can't ramp up production fast enough to meet rising demand.

JPMorgan's Kaneva made an interesting point: even a 0.5% shift in investor allocations away from US assets toward gold could push prices to $6,000 on its own.

Where Does Gold Stand Right Now?

Gold is trading in the $4,870 to $4,990 range as of mid-February trading, pulling back from recent highs on a stronger US dollar and thinner trading volumes around the Lunar New Year. The Shanghai Gold Exchange is closed through February 23, removing a major source of physical demand and price support.

The bigger picture still looks strong. Gold is up roughly 67% year-over-year from February 2025. That rally has been fueled by the same factors analysts are now pointing to for further gains.

For context, gold surged approximately 65% through 2025 before pushing to its January 2026 all-time high above $5,500. A move to $6,200 would extend what's already been a historic bull run.

What Could Go Wrong?

The risks are real. A more hawkish Federal Reserve could strengthen the dollar and raise real yields, making gold less attractive. An unexpected easing of geopolitical tensions would reduce safe-haven flows. And if central banks slow their buying, one of the strongest demand pillars weakens.

Still, the weight of institutional opinion sits firmly on the bullish side. When Bank of America, JPMorgan, UBS, and Deutsche Bank all converge around the same $6,000+ range, it's worth paying attention, even if the path there won't be a straight line.

Sources:

• Walter Bloomberg (@DeItaone) on X – BofA February 2026 fund manager survey showing $6,200 weighted-average gold peak target
• Investing.com – UBS raising gold price target to $6,200 for mid-2026
• Reuters via Investing.com – JPMorgan's $6,300 gold target and 800-ton central bank demand forecast
• Scottsdale Bullion & Coin – Compilation of 2026 gold price predictions from major institutions
• USAGOLD – February 17, 2026 gold spot pricing and market commentary