Last Updated on January 28, 2026 by Deon
It looks like the “Gold Rush of 2026” is only just beginning. It was precisely this new forecast released Wed Jan 28 by Deutsche Bank, which came up with a jaw-dropping target of $6,000 per troy ounce for the current year.
That came after a wild day of trading that saw gold futures in New York spike 3.4% to an intraday high of $5,306 before pulling back slightly. With the metal already climbing more than 20% this month, analysts have stopped asking whether it will rise and are instead questioning how high can go.
The Death of “Dollar Dominance”?
This rally is, of course being driven by a flagging dollar. The Greenback recently hit a four-year low, and in an unexpected twist, President Trump informed reporters he was not worried. “Makes it very hard for our (manufacturers) & companies to compete,” he wrote, adding that a weaker dollar is actually “great” for making American exports more competitive.For gold investors, that’s music to their ears. Since gold is priced in dollars, a devalued currency creates the “yellow metal” to be significantly less expensive for foreign buyers, leading to an international buying spree.
Why $6,000 is Suddenly Realistic
The changes are the result of a tectonic accumulation of cash as countries that print money digitize more, Deutsche Bank’s analysts argue. It’s no longer just a matter of temporary “jitters”; we’re talking about structural changes:
Central Bank Diversification: Countries are divesting from the U.S. Dollar and purchasing “real assets” in the form of gold.
The “Safe Haven” Rotation: The Safe-haven rotation is taking place as investors increasingly fear ongoing government debt piled up to protect their purchasing power by reallocating toward gold.
Mid-Term Momentum: With that November U.S. mid-term vote drawing closer, gold remains well bid as an asset class to protect against inflation in here with the administration’s “run the economy hot” approach.
The “Trump Effect” on the Fed
Fanning the flames is a potential leadership change at the Federal Reserve. Trump has signaled that he will soon announce his pick for a new Fed Chair, and said “rates are going to come down much more” once it does. Gold generally becomes more appealing when interest rates fall, as is the case in Europe now (the European Central Bank’s deposit rate has been negative since 2014), or are expected to fall, which may be the case in America soon. The rationale is that gold doesn’t pay a yield — unlike savings accounts or bonds — so when yields on those assets decline, it lowers the “opportunity cost” of holding gold.
Today’s Market Snapshot
AssetCurrent LevelChangeGold Futures (New York)$5,254.70+3.4%Gold All-Time High (Jan 28)$5,311.00New RecordU. S. Dollar Index (DXY)96.20testing Near 4-Year Low
What’s Next for Investors?
Although the technical indicators read “overbought” in gold for short-term traders, it’s increasingly apparent how powerful conviction is surrounding that dollar weakness story and the significant geopolitical flare-up in the Middle East with a giant Armada floating its way toward Iran. In the words of one analyst, “Gold is no longer being priced on yield; it’s being priced as the world’s ultimate insurance policy.
