Wall Street’s biggest banks have set their boldest gold targets yet for 2026, and Russian retail investors are not waiting.
JPMorgan now sees gold reaching $6,300 per ounce by year-end. Deutsche Bank projects $6,000, while Goldman Sachs targets $5,400 and UBS forecasts $5,900.
These calls land at a striking moment. Gold trades near $4,548, down roughly 16% from its January record all-time high. Most analysts call the pullback a buying opportunity inside a structural bull market.
Russians are Buying Gold Fast
Meanwhile, Russian investors are moving fast. The Moscow Exchange reported gold trading volume of 42.6 tonnes in March 2026, more than 3.5 times higher than a year earlier.
Monetary volume jumped fivefold to 534.4 billion rubles ($7.1 billion).
Russians now have five main ways to gain exposure. The simplest is an unallocated metal account (OMS) at a bank. Brokerage instruments like GLDRUB_TOM offer next-day spot settlement.
Investors can also choose exchange-traded gold funds, gold-mining stocks, or new digital financial assets (DFAs) tied to the metal.
Oleg Reshetnikov of BCS World of Investments says spot instruments lead the pack.
“The most convenient way for Russians to invest in gold and silver is the instruments ‘Gold for Rubles’ and ‘Silver for Rubles’ with next-day settlement,” Reshetnikov said.
His firm targets $5,385 in the next 12 months.
For smaller budgets, brokerage apps have opened the door.
“The easiest thing today is to buy gold from a broker,” portfolio manager Alexander Ryabinin of SF Education said. “Tinkoff Gold can be bought for 13 rubles, right in the broker’s app.”
Still, experts urge diversification across formats.
“One should not glorify a single channel but combine them — part in digital form for turnover, part on the exchange, and if necessary a small physical layer as insurance,” said Rais Ismagilov of AVI Capital.
However, risks remain. April US inflation hit 3.8%, the highest in a year, pushing back expected Fed rate cuts. India also raised gold import tariffs to 15%, cooling physical demand.
And Russia’s own central bank has been a net seller, offloading 22 tonnes in 2026 to plug budget gaps.
For now, though, retail demand keeps rising, and Wall Street keeps lifting its gold price prediction.
