Macquarie: Lowers year-end gold price forecast to $4,300, expects gold to decline each year starting next year until 2030

Golden Ten Data reported on June 26 that Macquarie strategists stated that all eyes are currently on inflation trends and whether central banks (especially the Federal Reserve) will tighten policy to control prices. The apparent end of the Middle East conflict, combined with a more hawkish stance from the Federal Reserve, has led to a pullback in gold prices. The first meeting presided over by the new Federal Reserve Chairman, Waller, set a “hawkish” tone. Under his leadership, the central bank has the ability to “boost or suppress” gold market prices. The shock from the Middle East situation is expected to weigh on global growth in the third quarter. Subsequently, as global growth ultimately recovers and the monetary policy easing cycle begins, it should push gold prices lower, as more investor funds shift from precious metals to other assets. Investors have been taking profits and turning to the stock market, which creates room for them to re-enter the precious metals sector, thereby pushing prices higher, but a major macro event may be needed for investor interest in gold to be reignited. The average spot gold price is forecast at $4,641 in 2026, up 35% year-on-year, but is expected to fall 9.5% in 2027 to $4,200, then decline year by year through 2030. The bank lowered its year-end spot gold forecast from $4,400 to $4,300.