Gold Price Drops Below $4,430 as Five Major Banks Issue Bearish Forecasts

Deep News06-03 23:30

Spot gold prices have fallen below the $4,430 per ounce level during trading. The price of gold has retreated by more than $1,000 per ounce from its peak of $5,598.75 reached in late January.

Several major financial institutions have recently issued downward revisions to their gold price forecasts. Commerzbank has adjusted its year-end 2026 gold price prediction down to $4,800 per ounce from a previous estimate of $5,000.

In mid-May, Citigroup publicly expressed a bearish outlook for gold in the short term, forecasting that prices could fall to around $4,300 per ounce over the next zero to three months.

Other banks including JPMorgan Chase, Morgan Stanley, and ANZ Bank have also previously lowered their price targets for the precious metal.

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