RBC Capital raises gold price target to $3,195 per ounce in 2026

Gold surged to an all-time high of $3,104 per ounce on Monday. Investment bank RBC Capital now projects the safe-haven asset will climb further to $3,195 per ounce in 2026.

According to analysts, gold prices remain heavily influenced by US trade policy. The precious metal continues to rise as uncertainty grows over Trump's import tariffs.

Investors worry about slowing US economic growth. Polymarket data shows a 36% chance of a US recession. This is driving gold prices up.

Higher gold prices are driving more mining deals. On March 17, Ramelius Resources and Spartan Resources announced merger plans, while Gold Road turned down a $3.3 billion offer from South African miner Gold Field.

The gold sector benefits from Trump's uncertain policies. According to RBC Capital, the US President's plans to weaken the dollar and lower interest rates could push gold prices even higher.