Gold Forecasts Drop 8.3% to $4,509 Median as Central Bank Buying Cushions Decline

Analysts cut gold price targets for the first time in 11 quarters following a 22% spot drop. Central bank demand and fiscal concerns remain key support levels despite rate hike fears.

Woofun AI data shows that analysts have reduced gold price forecasts for the first time since late 2023, marking an 11-quarter streak of upward revisions ending. The median 2026 forecast stands at $4,509 per ounce, down from $4,916 three months ago, while the 2027 average dropped to $4,610 from $5,100.

This adjustment follows a sharp decline from January's all-time high of $5,595 per ounce. Spot gold has fallen approximately 22% since the outbreak of the Iran war, which exacerbated energy inflation and raised expectations of interest rate hikes. This resulted in the worst quarterly performance since 2013, though most respondents expect central bank buying to provide support.