Commodities
Gold Prices Plummet on Hawkish Fed Outlook, Still Expected to Reach $4,900 by End-2026
Gold prices have been on a rollercoaster ride in August, surging by almost 9.6% but then suddenly losing steam due to rising interest rate hike odds from the US Federal Reserve.
The spot price of gold stood at $4,429 an ounce on August 31, while the US gold futures were at $4,479.20.
Despite a recent decline in prices, Goldman Sachs and Wells Fargo are still moderately to bullish on gold, predicting it will hit $4,900 by end-2026, with J.P. Morgan going even further at $6,000 for Q4 2026.