BERNSTEIN raised its 2026 gold forecasts, setting a H2 target of $4,375/oz and a
full-year target of $4,533/oz. The firm cites continued central bank net-buying
and a low probability of Fed rate hikes over the next 12 months as primary
support, and expects at most one to two Fed hikes and limited gold ETF outflows.
It noted Q2 2026 real-rate increases drove gold from $4,650/oz to about
$4,000/oz, but says stabilizing rate expectations leave upside for prices;
persistent higher-than-expected inflation prompting more aggressive Fed
tightening would be the main risk to its bullish view.
