Reuters: Wall Street Cuts Gold Price Outlook for First Time in 11 Quarters, Central Bank Buying to Support Long-Term Outlook

July 29th, according to a Reuters survey, analysts have lowered their gold price forecasts for the first time since the end of 2023. 29 analysts and traders expect the average price of gold in 2026 to be $4509 per ounce, lower than the forecast of $4916 three months ago; the forecast average price for 2027 has dropped to $4610 per ounce, below the previous $5100.

Despite the downward revision in gold price expectations, the market generally believes that central bank gold purchases, geopolitical risks, and government debt pressure will continue to support the long-term trend of gold. At the same time, analysts have also lowered their silver price expectations, with the average price expected to be $72 per ounce in 2026, down from the previous forecast of $78.

In addition, Deutsche Bank has once again lowered its year-end gold target price to $4500 per ounce and reduced its silver target price to $67 per ounce. The bank believes that the current market's expectations for further Fed tightening are too high, and if inflationary pressures ease and the Fed keeps interest rates unchanged, gold is still expected to regain strength in the future.