Gold Price Just Hit a Yearly Low. What Are Analysts Saying?

Gold fell below $3,900 an ounce on October 30, its lowest level of 2026 and roughly 30% below its January peak, heading for a second straight monthly loss. Strong U.S. data—third-quarter GDP beat expectations and September PCE inflation rose 0.5% for the month and 3.6% year-on-year—kept traders expecting a possible December Fed hike, even after the Fed held rates at 3.75% to 4.00% this week. Standard Chartered’s Suki Cooper said gold must hold $3,886, while JPMorgan Private Bank’s Yuxuan Tang saw further downside risk and expected rate hikes in December and early 2027. A Reuters poll of 30 analysts put median forecasts at $4,495 for 2026 and $4,650 for 2027.