Bernstein Research analyst Bob Brackett cut the firm's 2030 gold forecast to $5,600 an ounce from $6,100, citing higher real interest rates—not weaker physical demand. He still expects prices to rise, supported by continued central-bank buying.
Gold reached a record $5,589.38 an ounce on Jan. 28, then traded near $4,286 on Sept. 22, according to Trading Economics. Central banks bought more than 1,000 metric tons in each of 2022, 2023 and 2024. A World Gold Council survey found 95% expect global gold reserves to rise over the next year.
Goldman Sachs lowered its end-of-2026 gold fair-value estimate to $4,650 from $4,900 on Sept. 20, while keeping its end-of-2027 target at $5,400. Brackett identified slower central-bank buying as the main threat to his outlook; he also flagged more aggressive Fed hikes, a sustained rise in real yields and weaker Chinese demand. Sustained outflows from gold funds could add selling pressure.
