Kotak forecasts prices entering a new orbit on rate cuts, dollar risks;  Gold to reach Rs 1.5 lakh in 2026

Gold prices may go up to $5,000 per ounce and enter a “higher-for-longerˮ regime due to economic factors such as the US Federal Reserve rate cuts, growing fiscal deficits in various economies, and mounting geopolitical concerns, according to Kotak Securities. Gold prices may go up to $5,000 per ounce and enter a higher-for-longer regime due to economic factors such as the US Federal Reserve rate cuts, growing fiscal deficits in various economies, and mounting geopolitical concerns, according to Kotak Securities.

In India, the yellow metal’s prices are expected to touch Rs 150,000 per 10 grams next year, it added.

As labour-market softness and slowing nominal growth persist, the Federal Reserveʼs longer-term trajectory still tilts toward additional easing, even if inflation remains sticky near 3%. Combined with persistent fiscal deficits, slower global growth and rising geopolitical concerns, suggest gold is entering a ‘higher-for-longer’ regime, and may scale $5,000 over the next year.

Goldʼs value rose more than 55% from the same levels last year and reached a record high of $4,380 in October, breaking the historic $4,000 an ounce barrier. The report further stated that the metal had made “fifty fresh all-time highs” during 2025. Gold prices in India also saw a surge above the record of Rs 1,32,000 per 10 grams, seeing an increase over 60% year-to-date, which made it “outpace international gains due to depreciation in the Indian rupee”.