Gold Price Forecasts Fall Amid Central Bank Buying Concerns

Analysts have cut their gold price forecasts for the first time in over a year after a sharp pullback from January's record highs. A recent Reuters poll of 29 analysts and traders shows that the median gold forecast for 2026 is now $4,509 per troy ounce, down from $4,916 estimated just three months ago.

This marks the first time forecasts have been trimmed in 11 quarters, with the average forecast for 2027 also revised downward to $4,610. Despite this, analysts remain optimistic about central bank buying and concerns over fiscal sustainability, which they believe will continue to support gold prices.

According to Standard Chartered analyst Suki Cooper, 'the structural foundation of the gold rally has not changed.' Gold prices are currently searching for a floor before focusing on the next upside catalyst. Central banks are likely to remain the most reliable source of demand, even if purchases moderate from recent record levels.