Gold’s recent volatility has sparked differing outlooks among analysts at Exness. Michael Stark, the financial content lead, believes gold could gain in the coming months, citing strong demand for protection against inflation and economic uncertainty. He points to the August 2026 bounce as evidence of resilient demand, even with potential rate hikes on the horizon.
Stanislav Bernukhov, senior trading content specialist, takes a more cautious stance. He argues that gold’s correction has further to run, noting its recent behavior as a high-beta risk asset rather than a stable store of value. Bernukhov highlights gold’s elevated volatility and strong correlation with the S&P 500, suggesting it may fall further as investors reduce risk.
The analysts also discuss the impact of higher rates on gold. Bernukhov notes that when real rates exceed inflation, cash becomes more attractive, weakening demand for gold. Stark counters that gold’s role as an economic haven and its long-term appreciation potential continue to drive demand, especially amid geopolitical tensions.
Looking ahead, both analysts agree that gold’s price will be influenced by factors like the Fed’s meeting next month, inflation data, and developments in the Gulf. While Bernukhov sees a potential drop to 3,000 USD as a medium-term mean-reversion level, Stark remains optimistic about gold’s long-term prospects.