Bernstein is bullish on gold in the second half of the year, raising the target price to $4,375 per ounce.

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Golden Finance reported that on July 10, Bernstein raised its 2026 gold price forecast. It expects a second-half gold price target of $4,375 per ounce, and a full-year target price of $4,533. The firm believes that sustained central bank gold purchases and the high likelihood that the Federal Reserve will not raise interest rates in the next 12 months will be the main factors supporting gold prices. Bernstein expects the Federal Reserve to raise rates at most 1 to 2 times, and that the pressure from gold ETF outflows will remain limited. Bernstein pointed out that a rise in real interest rates in Q2 2026 led gold prices to fall from $4,650 per ounce to about $4,000, but as interest-rate expectations stabilize, gold still has room to rise. The firm also warned that if inflation continues to stay higher than expected, prompting the Federal Reserve to adopt more aggressive rate hikes, that would become the main risk for gold price increases.
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