Marching towards US$5,000/oz and beyond | Gold Sector Update

While risks remain, the macro backdrop of rising government debt and accommodative monetary policy suggests further upside potential. We now see a potential pathway for gold to challenge US$5,000 per ounce in 2026, with a possible peak near US$5,200 per ounce in 2027 before consolidating.

Our forecasts have been materially upgraded, reflecting current momentum and structural factors that could support elevated pricing for longer than previously anticipated. The implications for the sector are significant, with earnings and valuation metrics moving higher across the board.

For a detailed view of our revised forecasts, the drivers behind this upgrade, and what it could mean for the wider gold sector, access the full report via the Argonaut Research Portal, or contact your Argonaut representative.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.