Goldman Sachs cut its year-end 2026 gold price forecast to $4,150 per ounce, from $4,650. The bank cited the U.S. Federal Reserve’s more hawkish stance, which has strengthened the U.S. dollar and raised the opportunity cost of holding non-yielding gold.
Gold prices declined on November 6 as the dollar rebounded. Spot gold traded around $4,080 per ounce.
Analysts say strong structural demand from central banks continues to support gold, despite near-term pressure from potential interest rate hikes.