Bernstein Raises Gold Price Forecasts for Second Half of 2024

Bernstein Company has raised its gold price outlook for the second half of 2026, citing strong demand from central banks for diversification of their reserves and expectations of stable U.S. interest rates. The firm projected the gold price to reach $4,375 per ounce during the second half, with its 2026 target revised upward to $4,533 per ounce. This outlook accounts for a gradual decline in demand from gold-backed exchange-traded funds (ETFs) due to rising interest rates. The report also noted that 89% of central banks anticipate increasing their gold reserves in the coming months, considering the growing holdings as a positive factor that boosts expectations of higher gold prices in the future.

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