Gold prices topped $5,000 per ounce for the first time in early 2026, extending a rally that carried the metal past the $3,000 mark in 2025 and through the $4,000 threshold shortly afterward. The price subsequently retreated to $4,400 per ounce in March 2026 before climbing back above $4,700 per ounce by mid-April.

Brett Elliott, director of content at the American Precious Metals Exchange, said forecasts point to further swings in both directions. "Based on revised gold forecasts we've seen more recently, gold is expected to average $4,500 this year, and potentially top out at $5,800," Elliott said. "There's also downside risk that gold could drop to $4,000."

Thomas Winmill, portfolio manager at Midas Funds, said a drop of 10 to 20 percent in gold prices is possible. "During the course of the year, we anticipate gold's price to show extreme volatility, and at various times likely lose value, hold steady, and grow in value," Winmill said.

Hiren Chandaria, managing director at Monetary Metals, said recent price swings are consistent with longer-term upward movements in the metal. "It's important not to be surprised by sharp corrections within a broader bull trend," he said. "In the near term, downside risk remains if rates stay elevated and liquidity tightens."

Chandaria said gold could climb considerably higher over time. "Gold has the potential to move toward $7,200, though not necessarily within 2026," he said. For new buyers, he recommended a gradual entry rather than committing a full position at once.