Gold Prices Slide, but Analysts See $6,000 Average in 2026

Gold prices have been steadily declining since their peak in late January, reaching around $4,050 on August 4. This drop might suggest a bearish market, but analysts at JPMorgan Global Research are taking a contrarian view. They forecast gold prices to average $6,000 per ounce by the final quarter of 2026.

The bears' case against holding gold is based on its lack of interest-bearing potential. When bond yields rise, the opportunity cost of holding gold increases. The 10-year US Treasury yield was 4.7 percent on August 4, and the 30-year touched a 19-year high of 5.24 percent last week.