Bernstein has increased its gold price forecast for 2026, projecting an average price of $4,533 per ounce and a H2 target of $4,375 per ounce.

The firm attributes this bullish outlook to strong central bank demand, limited capital outflows from gold ETFs, and expectations that the Federal Reserve will refrain from aggressive interest rate hikes.

However, Bernstein warned that persistent inflation could force the Fed to raise rates further, which may put downward pressure on gold prices.