Goldman Sachs lowered its gold price forecast by $500 per ounce. The revision targets the bank's year-end 2026 price projection.
Analysts cited fading expectations for a Federal Reserve interest rate cut this year as the primary driver. The bank expects delayed cuts to diminish inflows into gold-backed exchange-traded funds (ETFs).
Goldman Sachs remains structurally constructive on gold prices over the medium term. However, a stronger U.S. dollar and hawkish Federal Reserve signals currently pressure the non-yielding asset.