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Bank of America has lowered its 2026 average gold price forecast by 14% to $4,360 an ounce, citing expectations of a more hawkish Federal Reserve. The revision comes amid pressure on gold from stronger rate hike bets, a firm dollar and elevated oil prices.

Despite the near-term downgrade, BofA still sees gold reaching $5,000 an ounce once the Fed’s tightening cycle ends. JPMorgan also flagged downside risks in the short term due to potential early rate hikes, while keeping a positive longer-term outlook.

Other major banks remain broadly bullish on gold, with several projecting prices between $5,000 and $6,000 per ounce by 2026 or beyond, reflecting expectations of sustained demand and easing monetary conditions over time.