Wall Street 2026 gold targets fuel Russian retail buying

Wall Street banks have raised 2026 gold price targets to as high as $6,300 per ounce while Russian retail investors sharply increased trading in March, using a range of market instruments.

JPMorgan now forecasts gold at $6,300/oz by year-end. Deutsche Bank projects $6,000, UBS $5,900 and Goldman Sachs $5,400. The metal traded near $4,548, about 16% below its January record high.

The Moscow Exchange recorded 42.6 tonnes of retail gold trading in March, more than 3.5 times the level a year earlier. Monetary turnover climbed to 534.4 billion rubles, roughly $7.1 billion, compared with the prior March.

Russian investors are using several routes to gain exposure. Unallocated metal accounts, known as OMS, let clients hold claims on gold without taking physical delivery. A brokerage instrument called GLDRUB_TOM offers next-day spot settlement. Other options include exchange-traded gold funds, shares of gold-mining companies and new digital financial assets linked to the metal.

Oleg Reshetnikov of BCS World of Investments noted that spot instruments are driving retail demand, adding that products labeled “Gold for Rubles” and “Silver for Rubles” with next-day settlement are the most convenient. Alexander Ryabinin, portfolio manager at SF Education, pointed out that mobile brokerage apps let small investors buy fractional amounts; he cited Tinkoff Gold, which can be purchased for as little as 13 rubles through an app. Rais Ismagilov of AVI Capital recommended diversifying across digital instruments, exchange-traded products and a small physical holding for insurance.

Analysts and market participants cited several factors that could affect prices and demand. U.S. inflation rose to 3.8% in April, delaying expectations for Federal Reserve rate cuts. India raised gold import tariffs to 15%, reducing some physical demand. The Russian central bank has been a net seller in 2026, offloading 22 tonnes to cover budget shortfalls.

Traders and brokers report that lower-cost, app-based access and a range of trading instruments have expanded participation among small investors, while major banks continue to revise their 2026 gold forecasts.