Bernstein lifts 2026 gold target
Bernstein has raised its 2026 gold price outlook to $4,533 an ounce.
The bank’s core thesis rests on structural central bank buying, a demand source that tends to be sticky rather than cyclical.
The inverse relationship between real rates and gold was evident in the second quarter, as real rates rose from 2.00% in early April to 2.28% in late June, pulling gold down from around $4,650 to roughly $4,000 an ounce.