Gold’s remarkable rally is showing no signs of slowing. Analysts at CIBC Capital Markets have issued a bold forecast, projecting gold prices will climb to US $4,500 per ounce in 2026 and remain at that level through 2027, driven by persistent inflation concerns and mounting global uncertainty.
Gold futures broke past US $4,000 per ounce earlier this week — a historic milestone — with prices now up roughly 50 per cent year-to-date. In a new research note, CIBC analyst Anita Soni said a “positive macroeconomic setup” will keep pushing bullion higher. She cited lingering tariff policy uncertainty, slower-than-expected impacts of U.S. trade measures on consumers, and Federal Reserve rate cuts as key drivers.
“The Fed seemingly yielded to Trump’s will to cut rates sooner rather than later, despite sticky inflation,” Soni wrote, referring to the central bank’s first rate cut since 2024. Markets now anticipate another 50 basis points in reductions before the end of the year, amplifying gold’s appeal as a hedge.
The metal’s rise has been fuelled by a mix of economic and geopolitical tensions — including the U.S. government shutdown, political instability in France, Trump’s trade war with China, Russia’s invasion of Ukraine, and aggressive central bank gold buying. These factors have boosted gold’s reputation as a safe-haven asset amid growing wealth preservation concerns.
Other financial giants are even more bullish. Goldman Sachs raised its December 2026 forecast to US $4,900 per ounce, while the CEO of Wheaton Precious Metals predicted prices could touch US $5,000 within a year.
Gold’s surge has also supercharged mining stocks, propelling Canada’s S&P/TSX Composite Index to record highs. CIBC highlighted Agnico Eagle, Kinross Gold, Wheaton Precious Metals, and Franco-Nevada as its top large-cap picks in the sector.
If the forecasts prove right, the coming years could mark one of the most significant bull runs in modern gold market history, with inflation fears and monetary shifts paving the way.