Brokerages maintain bullish long-term views on gold despite recent price drops driven by higher rate hike expectations, inflation worries, and a stronger dollar and oil. On Tuesday, Bank of America reduced its 2026 average gold forecast by 14 percent to 4,360 dollars an ounce due to a more hawkish Federal Reserve outlook. The bank still expects gold to reach 5,000 dollars an ounce after the Fed ends its tightening cycle. This revision follows JPMorgan’s note last week that risks to its forecast lean downside from possible early U.S. rate hikes, while keeping a positive long-term stance into 2027. Spot gold fell over 1 percent on Wednesday near 4,060 dollars an ounce. Other brokerages’ 2026 targets include JPMorgan at 4,545, Goldman Sachs at 4,900, ANZ at 5,600, Macquarie at 4,323, Wells Fargo at 6,100 to 6,300, UBS at 6,200, Deutsche Bank at 5,500, Societe Generale at 6,000, Morgan Stanley at 4,600, Citi at 5,000, HSBC at 4,587, and Commerzbank at 4,900.
