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Gold is having a moment. A big one. JPMorgan, Deutsche Bank, Goldman Sachs, and UBS have all put out price targets for gold that would have looked absurd even two years ago — and Russian retail investors are taking those forecasts seriously enough to open their wallets wide.
JPMorgan sees gold hitting $6,300 per ounce by end of 2026. Deutsche Bank sits at $6,000. UBS put out $5,900. Goldman Sachs, slightly more cautious, landed at $5,400. These aren’t fringe predictions from obscure boutique shops — they’re the biggest names on the street, and they’re basically saying gold has a lot further to run.
Right now gold trades around $4,548. That’s actually down about 16% from where it peaked in January, which sounds alarming until you remember that dips inside bull markets are pretty much how bull markets work.
Moscow Exchange Volumes Tell the Real Story
The Moscow Exchange reported gold trading volume of 42.6 tonnes in March 2026 alone. That’s more than triple the volume from the same period the year before. The monetary equivalent came out to 534.4 billion rubles — roughly $7.1 billion. Those aren’t rounding-error numbers. That’s a genuine surge in retail and institutional participation, driven at least partly by the wall of bullish forecasts coming out of Western banks.
Russian investors have several ways to get into gold. Unallocated metal accounts, known locally as OMS, sit at the more traditional end. Brokerage instruments like GLDRUB_TOM offer next-day settlement for traders who want faster execution. Exchange-traded gold funds are available too, along with gold-mining stocks and digital financial assets directly linked to gold prices. It’s a surprisingly wide menu for a market that outsiders sometimes assume is limited.
Oleg Reshetnikov from BCS World of Investments said the most convenient route for Russian investors runs through “Gold for Rubles” and “Silver for Rubles” with next-day settlement. BCS itself has a 12-month gold price target of $5,385 — not quite as aggressive as JPMorgan but still a long way above where gold sits today.
For smaller investors, the barrier to entry is basically nothing. Alexander Ryabinin from SF Education pointed to apps like Tinkoff Gold, where someone can buy gold for as little as 13 rubles. That kind of accessibility changes who participates in a market.
Diversification Advice and the Physical vs. Digital Debate
Rais Ismagilov of AVI Capital thinks investors shouldn’t pick just one format. He backs a mix — digital, exchange-traded, and physical gold together — to spread risk across the different structures. It’s a reasonable position given how many moving parts currently affect gold pricing.
And there are real moving parts. U.S. inflation hit 3.8% in April, the highest reading in a year. That matters because it pushes back the timeline for Federal Reserve rate cuts, and gold tends to respond badly to a higher-for-longer rate environment. It’s not a fatal problem for the bull case, but it’s a headwind worth acknowledging.
India raised its gold import tariffs to 15%, which has cooled physical demand there. India is one of the world’s largest gold consumers, so any drop in appetite from that market has global ripple effects. Unclear yet how sticky that policy will be, but for now it’s putting pressure on physical demand numbers.
Then there’s Russia’s own central bank, which has been a net seller. The Bank of Russia offloaded 22 tonnes of gold in 2026 to cover budget shortfalls. That’s a notable dynamic — the government selling while retail investors are buying at record pace. The two trends can coexist, but it’s worth keeping in mind that domestic supply isn’t exactly tightening.
Retail Demand Holds Despite the Headwinds
None of those pressures seem to have scared off Russian retail buyers so far. The Moscow Exchange volume numbers make that pretty clear. When Wall Street’s biggest banks are publishing targets north of $5,000 and some north of $6,000, it’s hard for individual investors to sit on the sidelines — especially when apps make entry costs almost negligible.
BCS’s 12-month target of $5,385 lines up roughly with Goldman’s $5,400 call, which probably gives that range some credibility in the eyes of Russian brokerage clients. Whether gold actually gets there depends on inflation trajectories, Fed decisions, and how long India keeps its tariffs elevated.
For now, the 42.6 tonnes traded on the Moscow Exchange in March 2026 says more than any forecast.
Frequently Asked Questions
How much gold did Russian investors trade on the Moscow Exchange in March 2026?
The Moscow Exchange recorded gold trading volume of 42.6 tonnes in March 2026, more than tripling from the previous year, with a monetary value of roughly 534.4 billion rubles, or about $7.1 billion.
What are the major Wall Street gold price forecasts for 2026?
JPMorgan forecasts $6,300 per ounce, Deutsche Bank $6,000, UBS $5,900, and Goldman Sachs $5,400, all targeting end of 2026.
What investment options do Russian retail investors have for buying gold?
Options include unallocated metal accounts at banks, brokerage instruments like GLDRUB_TOM for next-day settlement, exchange-traded gold funds, gold-mining stocks, and digital financial assets linked to gold prices.
