Reuters survey: Analysts lower gold price forecasts for the first time since the end of 2023, but expect central bank buying to cushion the decline

Odaily reported that a Reuters survey shows that after gold prices fell sharply from their record highs in January, analysts have lowered their gold price forecasts for the first time since the end of 2023. However, most still expect central bank buying and concerns about fiscal sustainability to provide support. In a survey of 29 analysts and traders conducted over the past three weeks, the median forecast for gold prices in 2026 was $4,509 per ounce. This figure is lower than three months ago ($4,916) and marks the first downgrade in 11 quarters. The average forecast for 2027 was $4,610, down from $5,100 in the previous survey. In January, gold prices reached a record high of $5,595 per ounce, but in the second quarter, the escalation of the Iran war drove up energy inflation and rate hike expectations, leading to a sharp pullback—the worst quarterly performance since 2013. Since the outbreak of the war, spot gold has fallen by about 22%. (Golden Ten Data)