Renewed market uncertainty is driving gold’s strong performance in early 2026, according to RBC Capital Markets commodity strategist Christopher Louney. Bullion is currently trading above $US4600 per ounce as investors seek safe-haven assets amid growing global concerns. RBC Capital Markets is a global investment bank providing services in banking, finance, and capital markets to corporations, institutional investors, and governments worldwide. The firm is a subsidiary of Royal Bank of Canada.
Louney noted that revived concerns over the Federal Reserve’s independence, ongoing geopolitical instability in regions from Venezuela to Iran, and various other macroeconomic risks have contributed to the surge. These factors have collectively pushed gold prices more than $US100 an ounce higher in the early part of the year, signalling a flight to safety among investors.
“Uncertainty should be an expected upside driver of gold prices in 2026 that potentially adds risk skew to the upside of even our forecast high scenario,” Louney stated. This aligns with the central theme of RBC’s 2026–27 gold outlook, which anticipates prices fluctuating within the $US4500 to $US5000 per ounce range for much of the year.
Louney emphasised that while uncertainty is difficult to quantify precisely, it remains a persistent upward pressure on gold prices. This influence could potentially extend beyond even the most optimistic forecasts, suggesting further upside potential for the precious metal.
