Bernstein revamps gold price target on Fed-rate shift

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Bernstein has reset its gold price target following a steep pullback, pointing to a Federal Reserve backdrop that might not be as damaging for bullion as the market feared. The firm adjusted its 2026 gold price target to $4,533 an ounce and set a second-half 2026 target of $4,375 an ounce, according to Investing.com. Bernstein's economists do not expect a higher Fed funds rate over the next 12 months, with the central bank potentially limited to no hikes or to only one or two. The firm pointed to the World Gold Council's 2026 Central Bank Gold Reserves survey, showing that 89% of central banks expect global gold reserves to rise over the next 12 months, while a record 45% expect to increase their own holdings. Gold has had a rough second quarter, with real rates moving from 2% in early April to 2.28% in late June, while gold fell from $4,650 an ounce to around $4,000.

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