Will Gold Price Reach $8,000? Analyst Points to the Timeline

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As gold prices broke through a six-month technical resistance, a forecast emerged that it could reach $8,000 per ounce in the first quarter of 2027. Although this target requires an additional 87.93% increase from the current approximately $4,257, an analysis suggests that a similar surge of 65% in 157 days after a past breakthrough could be replicated.

According to crypto media outlet Finbold on August 6 (local time), gold prices have risen more than 5% over the past three trading days, reaching their highest level since June 18, 2026. Rashad Hajiyev, founder and lead analyst at RM Capital, stated that gold has definitively broken out of a six-month bullish descending wedge, setting the stage for a rise to $8,000 per ounce by the first quarter of 2027.

Hajiyev cited a previous instance where gold rose by 65% in 157 days after breaking out of a 130-day sideways trading range in mid-2025. He projects that the current breakout, which began in August 2026, will push the price to $8,000, analyzing that even if the increase is limited to 70%, it could reach $7,000. However, he emphasized that for the rally towards a new all-time high (ATH) to fully materialize, the resistance level around $4,500 per ounce must first be surpassed. UBS Group, more conservatively, set a target price of $5,200 for June 2027.

Behind this optimistic outlook is strong global central bank demand for gold, particularly from China. According to data from Metals Focus, Refinitiv, GFMS, and the World Gold Council, central bank gold purchases in Q2 2026 totaled 289 tons, an increase of 62 tons from the same period last year. The media reported that if central bank buying continues for the next several months, gold prices could reach a new all-time high in Q1 2027, as projected by Hajiyev.

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