Gold Price Forecasts Cut Amid Sharp Pullback from Record Highs

Analysts have revised their gold price forecasts downward for the first time since late 2023, according to a Reuters poll. The median gold forecast for 2026 now stands at $4,509 per troy ounce, down from $4,916 estimated three months ago.

This marks the first time in 11 quarters that analysts have trimmed their forecasts. Gold prices plummeted about 22% since the Iran war began and hit a record high of $5,595 an ounce in January before retreating sharply.

Despite the pullback, experts remain optimistic that central bank buying will continue to support gold prices. Analysts point out that core structural drivers for gold such as geopolitical tensions, government debt, and currency debasement remain intact.