Analysts Downgrade Gold Price Forecast to $4,509/oz, First Cut Since Late 2023

According to a Reuters survey, 29 analysts downgraded their 2026 gold price forecast to $4,509 per ounce on July 29, down from $4,916 predicted three months ago. For 2027, the average forecast fell to $4,610 per ounce from $5,100.

Despite the downward revision, analysts expect central bank gold purchases, geopolitical risks, and government debt pressures to support gold's long-term outlook. German bank Commerzbank lowered its year-end gold target to $4,500 per ounce, noting that if inflation pressures ease and the Federal Reserve maintains rates, gold could strengthen again.