This article first appeared on GuruFocus.

Gold's (GLD) rally has turned into the kind of market story investors rarely get twice, and Wall Street is now suggesting the momentum could be far from finished. The metal traded around $4,187 an ounce on Wednesday, up 57% this year after one of its strongest multi-decade streaks. Analysts say the same cocktail that powered the movecentral bank buying, stubborn inflation, and concerns around the US economy and tariffscould be setting up a runway that possibly extends well into 2026. In a market where fear trades often fade fast, gold's backdrop still looks unusually persistent.

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Bank of America is leaning the furthest out, arguing the metal could push toward $5,000 next year, a move that would imply roughly a 19% gain if reached. The bank points to widening US deficits and President Donald Trump's unorthodox macro policies as currents that may continue to shape investor behavior. Goldman Sachs is nearly as bullish, projecting a potential climb to $4,900 by the end of next year. Daan Struyven, the bank's cohead of global commodities research, told Bloomberg that two forcescentral banks diversifying after watching Russia's reserves freeze in 2022 and expectations for about 75 basis points of Fed rate cutscould keep the bid under bullion. He also highlighted how the gold ETF market is about 70 times smaller than the US Treasury market, a gap that could amplify the impact of private-sector diversification flows.

Deutsche Bank and HSBC (NYSE:HSBC) are taking a steadier stance but still see the metal in an environment that could support elevated prices. Deutsche Bank says gold may rise as high as $4,950 in 2026, with a base case of $4,450, noting that flows appear to have stabilized and technical signals suggest a completed positioning correction. The bank also flags potential risks tied to a deeper equity pullback, fewer Fed cuts, or a cooling of geopolitical tensions. HSBC forecasts a range of $3,600 to $4,400 in 2026 and points to what it calls seismic and possibly persistent shifts in geopolitics, rising economic nationalism, and questions around Fed independence. The firm cautions that the rally could start to lose pace in the second half of the year as supply grows and physical demand eases, but for now, Wall Street's message is that gold's story is still unfoldingand possibly far from over.