Gold (XAUUSD) has returned 11% this year, outperforming both S&P 500 (SPX) and the Nasdaq 100 (NDX) by a wide margin. Is more upside on the way for the precious metal?
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Trade QQQ with leverageWall Street’s year-end price targets for gold range between $4,450 and $6,300. JPMorgan commands the highest price target on the Street and believes that gold will continue to climb, driven by strong demand from central banks and investors.
Gold Outlook Split as Bulls Target $6,000+
On the other hand is HSBC, which carries the lowest price target. While the firm expects gold to climb to $5,000 during the first half of the year, it also points out the risk of a sharp correction following a steep uptrend.
Here’s where Wall Street firms expect gold to trade at by year-end:
- Wells Fargo: Between $6,100 and $6,300
- Société Générale: $6,000
- Deutsche Bank: $6,000
- Morgan Stanley: $5,700 (bull case)
- Goldman Sachs: $5,400
- Bank of America: $5,000