Gold's outlook after recent downgrade

A Reuters survey shows that analysts have lowered their gold price forecasts for the first time since late 2023, following a sharp decline from the record levels reached in January. They now anticipate the gold per ounce to reach $4,509 in 2026, down from the previous estimate of $4,916, with the average for 2027 expected to be $4,610. This downward revision comes amid pressures from the Iran war conflict and rising interest rates, despite ongoing demand support from central banks, which increased their purchases by 3% in the first quarter. Central banks are expected to remain the primary source of gold demand, with holdings anticipated to grow over the next year. Meanwhile, demand for gold jewelry in India and China has decreased due to higher prices and increased import duties. Expectations for silver prices have also been revised downward, with forecasts now indicating a drop to $72 per ounce in 2026, supported by sectors such as artificial intelligence and solar energy.

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