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Gold Outlook

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Expert gold market insights

Our quarterly gold outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for gold is analysed. Our research team produce gold price range forecasts as part of the report.

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Gold Outlook – Q3 2026

Gold remains historically elevated despite the sharp correction from January highs. Central bank buying continues to provide a floor, but firm real yields, a stronger dollar and a cautious Fed stance are limiting upside. We expect gold to consolidate within $3,950–4,300/oz into late September, with rallies above $4,200/oz likely capped.

Metals

The first half of 2026 was dominated by geopolitical risk, inflation concerns and shifting monetary policy expectations. As we move into H2, many of those themes remain relevant, but the market focus has become more nuanced. Investors are no longer reacting to events themselves, but to the way they influence energy prices, inflation, and ultimately policy expectations. The result is an increasingly uneven backdrop across commodity markets. Across base metals, this has produced a more selective environment in which individual supply-demand dynamics, positioning and sector-specific demand trends are playing a larger role in price formation than broad macro sentiment alone.
Quarterly Metals Report

Quarterly Metals Report Archive

Gold Outlook – Q3 2020
Gold Outlook – Q2 2020
Gold Outlook – Q1 2020

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