Wall Street targets push Russian retail gold buying

Four major Wall Street banks published year-end gold forecasts for 2026 that sit well above current prices. JPMorgan projected $6,300 per ounce, Deutsche Bank $6,000, UBS $5,900 and Goldman Sachs $5,400. At the time of the forecasts, gold traded near $4,548 per ounce, roughly 16% below its January record high.

Retail investors in Russia drove a sharp rise in activity on the Moscow Exchange in March 2026. The exchange reported 42.6 tonnes of gold traded by retail participants, more than 3.5 times the volume a year earlier. Monetary turnover in rubles rose fivefold to 534.4 billion rubles, about $7.1 billion.

Most retail volume came through spot and near-term settlement products. Bank unallocated metal accounts (OMS) provide direct exposure, while brokerage contracts such as GLDRUB_TOM settle the next trading day. Exchange-traded funds, gold-mining stocks and new digital financial assets tied to the metal were additional channels used by individual investors.

Oleg Reshetnikov of BCS World of Investments noted that spot instruments led demand in Russia and set his firm’s 12-month target for gold at $5,385.

Brokerage platforms have reduced the entry point for small investors. Alexander Ryabinin, portfolio manager at SF Education, cited Tinkoff Gold as an example, noting it can be bought in small amounts in a broker app for about 13 rubles per unit.

Rais Ismagilov of AVI Capital recommended that investors combine formats, keeping part of exposure in digital instruments for trading, part on the exchange, and a small physical allocation for insurance.

Several market factors could affect demand. U.S. consumer inflation for April 2026 was 3.8%, the highest in a year, which eased expectations for near-term Federal Reserve rate cuts. India raised gold import tariffs to 15 percent. The Bank of Russia reported net gold sales of about 22 tonnes in 2026 to help cover budget shortfalls.

Banks issued higher year-end forecasts while Moscow Exchange retail volumes rose in March 2026, expanding avenues for Russian investors to gain exposure to gold.