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Gold price likely to hit $6,000 this year, seen heading towards $10,000, analysts say
Precious metal prices are seen hitting ‘new levels’ as activity is set to pick up next week when Asian centres return from the Chinese New Year holidays
- PUBLISHED: Sat 21 Feb 2026, 10:31 AM UPDATED: Sat 21 Feb 2026, 10:38 AM
Gold prices, which consolidated around Dh5,000 per gram this week, are set to reach “new levels” next week as activity picks up when Asian centres return from the Chinese New Year holidays.
Analysts expect that the prevailing trend still exhibits bullish characteristics that could potentially support a long-term trajectory toward $10,000.
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On Saturday, gold closed at $5,106.68 per ounce, up 2.57 per cent. In Dubai, 24K gold price was trading at Dh615.25 per gram.
Gold has spent most of the week consolidating in a relatively tight range, aided by participants continuing to price a greater geopolitical risk premium as tensions in the Middle East continue to be monitored closely.
The precious metal slipped below $5,000 a few times in recent weeks, but recovered to trade above this key psychological level again as investors rushed to buy during dips. Similarly, in Dubai, 24K gold price has been trading in the range of Dh590 to Dh610 of late.
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“Trading conditions have calmed considerably since the huge sell-off seen at the back end of January, with the precious metals complex having started to become boring again, in what I would argue is one of the most bullish indications possible. With this being a sign that the speculative frenzy that dominated the early part of the year has died down, and that fundamental drivers are back in control,” said Michael Brown, senior research strategist at Pepperstone.
“Those fundamental drivers remain bullish, on the whole. While geopolitical tensions are the ‘narrative du jour’ at present, the bull case at large continues to be underpinned not only by ongoing demand from reserve allocators seeking increased diversification, but also retail inflows as participants increasingly allocate larger percentages of their portfolios to the yellow metal. One would expect this latter catalyst to play an increasing role again from the start of next week, when Asian centres return from the Chinese New Year holidays,” he added.
An easing in geopolitical tensions, which does look rather unlikely at present, could spark a modest pullback in bullion.
“I would argue that dips should continue to be viewed as buying opportunities, given the aforementioned solid fundamental bull case, which is further strengthened by ongoing concerns over the unsustainable nature of developed markets' fiscal policies, with worries on that front unlikely to subside any time soon. The bottom of the recent range around $4,850 an ounce, followed by the $4,700 an-ounce-mark, stand as the most obvious support levels, while a break north of recent highs at $5,100 an ounce would likely encourage new longs to enter the fray,” he added.
Gold heading towards $10,000?
Zaheer Anwari, co-founder and CEO at The Revacy Fund, noted that volatility temporarily declined during the Chinese New Year holidays. Trading volumes are expected to rebound next week, potentially driving prices to new levels.
“As a major safe-haven asset, gold continues to benefit from robust demand and a broader move away from US assets, effectively safeguarding current price levels and potentially fueling new gains. The sustained rally is anchored by central bank accumulation, which could provide support over the long term and limit downside risks. Expectations of US monetary policy easing could continue to push the metal upward, while current geopolitical tensions fuel demand for safe-haven assets,” he added.
However, Anwari noted that if global tensions subside or if monetary policy expectations turn to fewer interest rate cuts in response to new economic data, gold could come under pressure, experiencing short-term volatility and localised profit-taking.
“A deeper correction is possible if multiple factors turn bearish simultaneously and persistently, including stronger-than-expected outcomes from diplomatic talks in Eastern Europe and the Middle East, a more hawkish Fed, and a slowdown in central bank gold purchases.
“From an internal portfolio perspective, our recent strategy involved tightening risk parameters and realising gains in our positions as gold approached the $5,000 level and uncertainty increased. While the prevailing trend still exhibits bullish characteristics that could potentially support a long-term trajectory toward $10,000, our current approach is to maintain a cautious stance ahead of a clear directional confirmation,” Anwari said.
Many global financial institutions have projected gold crossing $6,000 this year, especially after it crossed the $5,500 mark earlier this year.
Earlier this week, AuAg Funds said it sees precious metals rising above $6,000 an ounce this year.
JPMorgan also sees gold prices reaching $6,300 per ounce by the end of 2026 as demand from central banks and investors continues.
