PRECIOUS METALS | Bernstein Raises 2026 Gold Targets to $4,375 an Ounce for H2

Bernstein raised its 2026 gold price outlook, setting a second-half target of $4,375 per ounce and a full-year target of $4,533 per ounce. According to Jin10, the firm said continued central-bank gold buying and a high likelihood that the Federal Reserve will not raise rates over the next 12 months would be key factors supporting gold prices. Bernstein said the Fed may raise rates at most only one to two times, and that pressure from gold ETF outflows would also be limited. The firm noted that rising real interest rates in the second quarter of 2026 had previously pushed gold down from $4,650 per ounce to about $4,000 per ounce, but it said gold still had room to rise as rate expectations stabilize. Bernstein also warned that if inflation remains above expectations and prompts the Fed to adopt more aggressive rate hikes, it would be a main risk to further gains in gold prices.