Reuters poll: Analysts cut gold price forecasts for first time since late 2023, but central bank buying expected to stem declines

Odaily Planet Daily News A Reuters poll showed that following gold's sharp retreat from its record high in January, analysts have lowered their gold price forecasts for the first time since late 2023. However, most still anticipate support from central bank buying and concerns over fiscal sustainability. The survey of 29 analysts and traders over the past three weeks yielded a median 2026 gold price forecast of $4,509 per ounce. This is down from $4,916 three months ago and marks the first downgrade in 11 quarters. The average price forecast for 2027 stands at $4,610, compared to $5,100 in the previous survey. Gold hit an all-time high of $5,595 per ounce in January. However, in the second quarter, the Iran war exacerbated energy inflation and pushed up rate hike expectations, leading to a sharp price decline—the worst quarterly performance since 2013. Since the outbreak of the conflict, spot gold has fallen by approximately 22%. (Jin Shi)