10.04.2026 18:59
ANZ and Goldman Sachs expect that although gold prices are under pressure in the short term due to the impact of the war in the Middle East, they will rise again in the long term due to strong purchases by central banks, expectations of interest rate cuts by the Fed, and ongoing geopolitical uncertainties; the range of $5,400 to $5,800 is highlighted for the end of the year.
International financial institutions have made notable assessments regarding the fluctuating gold prices influenced by the war in the Middle East. ANZ and Goldman Sachs predict that despite short-term pressures, gold will continue its recovery trend in the long term.
GEOPOLITICAL RISKS AND CENTRAL BANKS SUPPORTING
According to analysts, the stable gold purchases by central banks, geopolitical uncertainties, expectations of Fed interest rate cuts, and the tendency to move away from dollar-based assets are among the main factors supporting gold prices in the long term.
DECLINED POST-WAR
Since the conflicts began in the Middle East in February, gold has lost about 10% of its value from the peak of over $5,500 per ounce seen in January. The strengthening of the dollar and rising bond yields have directed some investors towards cash.
ANZ: YEAR-END TARGET OF $5,800
ANZ analysts have maintained their year-end forecast for gold at $5,800 per ounce. It was also stated that central banks are expected to purchase approximately 850 tons of gold in 2026.
GOLDMAN SACHS: INTEREST RATE CUT WILL SUPPORT GOLD
Goldman Sachs has maintained its forecast of $5,400 per ounce for gold with the expectation that the Fed will cut interest rates by 50 basis points this year. The bank noted that while the risks in the Strait of Hormuz could create downward pressure in the short term, gold will find support in the long term through portfolio diversification. Although fluctuations may continue in the short term, experts believe that gold maintains a strong outlook in the long term due to the effects of global uncertainties.
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