Commerzbank Cuts Gold Price Forecast to $4,500 Amid Inflation Pressures

Commerzbank has downgraded its gold price forecast to $4,500 an ounce by year-end due to ongoing inflation pressures and the war in Iran. The bank also lowered its silver target to $67 an ounce.

The bank cites skepticism of the U.S. dollar, central banks diversifying reserves into gold, and concerns over government debt as long-term bullish drivers for gold prices. However, short-term challenges such as geopolitical uncertainty continue to weigh on the market.