Wall Street's first down payment forecast for 11 quarters, but the central bank still has a lot to offer. Head

On 29 July, a Reuters survey revealed that analysts had for the first time since late 2023 reduced their gold price expectations. Earlier, gold prices had clearly fallen from their historical highs in January, but most respondents continued to believe that continued central bank purchases and market concerns about government fiscal sustainability would continue to support them. In a survey of 29 analysts and traders over the past three weeks, the median gold price projection for 2026 was $459 per ounce, down from $4916 in the survey three months ago. This was also the first time since 11 consecutive quarters that analysts had reduced their gold price expectations. For 2027, the average price forecast given by analysts was $4610 per ounce, down from $5,100 in the previous round. Gold prices rose to a historical high of $5595 per ounce in January of this year, but then fell sharply in the second quarter and recorded the worst quarterly performance since 2013. The market considered that the war in Iran pushed up energy prices and reinforced the Fed ' s interest rate expectations as an important factor in the adjustment of the price of money. Since the outbreak of the war, the price of spot gold has declined cumulatively by about 22 per cent。