Here's the gold price forecast through to 2026

Will the gold price be glittering in the coming years? Let's find out.

| More on:
Calculator and gold bars on Australian dollars, symbolising dividends.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The market may be charging higher today but the same cannot be said for ASX gold miners.

The likes of Evolution Mining Ltd (ASX: EVN), Newmont Corporation (ASX: NEM), Northern Star Resources Ltd (ASX: NST), and Regis Resources Ltd (ASX: RRL) are in the red today after the gold price dipped overnight.

This was driven by comments out of the US Federal Reserve, which, despite holding rates steady, suggested that the rate hike cycle might not be over.

At the time of writing, the spot gold price is back below the US$2,000 per ounce level at US$1,993.5 per ounce.

Where is the gold price heading from here?

According to a recent note out of Goldman Sachs, its analysts are expecting the gold price to remain in or around current levels for the foreseeable future.

Goldman is forecasting an average spot gold price (per ounce) of the following:

  • US$1,970 in 2023
  • US$1,972 in 2024
  • US$1,971 in 2025
  • US$1,971 in 2026

This is likely to be good news for many ASX gold miners, which are printing money with the precious metal at current levels.

For example, Evolution Mining's guidance for FY 2024 is 770,000 ounces of gold at an all-in sustaining cost (AISC) of A$1,370 per ounce. This would give it a margin of approximately A$1,700 per ounce based on the above and current exchange rates.

Over at Northern Star, it recently stated its belief that it is well positioned to deliver 1,600,000 ounces to 1,750,000 ounces gold sold at an AISC of A$1,730 to A$1,790 per ounce in FY 2024. This would give it margin in the region of A$1,300 per ounce.

But of course, it is worth remembering that predicting commodity prices is notoriously difficult and a lot can change (for better or worse) in the space of 12 months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Gold

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today

Up 29% since February, why is this ASX 200 gold stock tumbling today?

The ASX 200 gold stock is under selling pressure on Wednesday. But why?

Read more »

Two ASX shares investors fighting each other to grab gold treasure.

As ASX gold stocks cool off, here are 2 to buy when the price is right

Shaw and Partners portfolio manager James Gerrish reveals 2 gold shares to watch amid the sell-off.

Read more »

A woman wearing a gold top and carrying a gold bar gives the thumbs down signal as she leans against a wall with a sombre look on her face as the Kingsgate share price goes lower

Why are ASX gold shares being trashed on Tuesday?

The sector isn't shining today.

Read more »

A woman in a business suit sits at her desk with gold bars in each hand while she kisses one bar with her eyes closed. Her desk has another three gold bars stacked in front of her. symbolising the rising Northern Star share price

Is this the very best ASX 200 gold stock to buy now?

Is the best gold miner money can buy right now? Bell Potter appears to believe it could be.

Read more »

Open copper pipes

Why this jumbo ASX gold stock is targeting a copper pipeline

This massive gold miner seems to be seeing a better future in copper.

Read more »

A woman wearing a top of gold coins and large gold hoop earrings and a heavy gold bracelet stands amid a shower of gold coins with her mouth open wide and an excited look on her face.

Guess what new trend is taking off amid the soaring gold price

With the gold price soaring to new record highs, an innovative trend is taking off.

Read more »

gold, gold miner, gold discovery, gold nugget, gold price,

Is buying ASX gold shares right now a good idea?

The ASX All Ords Gold Index is up 23% since February. Is it too late to buy gold stocks now?

Read more »

Man holding out Australian dollar notes, symbolising dividends.

Here's why the Newmont share price is making big ASX news today

Newmont shares just passed a big milestone...

Read more »