Gold is down 8% month-to-date in June and one of Wall Street’s most bullish calls just got a haircut.
Goldman Sachs lowered its year-end 2026 gold price target to $4,900 per ounce from $5,400, citing a more hawkish Federal Reserve outlook and weaker expectations for gold ETF demand.
The bank said the revised forecast reflects delayed rate cuts and fading concerns about central bank independence following the first Federal Open Market Committee meeting under Fed Chair Kevin Warsh.
“We are moderating our forecast for gold price appreciation for two reasons,” Goldman analysts Lina Thomas and Daan Struyven wrote in a note published Thursday.
The bank pointed to its economists’ decision to push back the final two expected Fed rate cuts to June and December 2027, from previous expectations for December 2026 and March 2027.
