RBC Research summarizes its latest outlook and targets for Gold.

"We remain of the view that gold should spend most of its time in the $4500-5000/oz range for what remains of this year (a view unchanged and with high conviction), and we now specifically highlight our middle-to- high scenario range for Q3 and Q4 (as well as annual) for gold prices going forward," RBC notes.

"By year-end, we are leaning towards our 2026 high scenario ($4929/oz), and similarly, in 2027, we favor our high of $5296/oz. Regardless, our mid-to-high scenario range remains the most likely price band across our forecast horizon," RBC adds.