Gold has fallen below $4,000 an ounce for the first time since November – a three-year rally has come to a halt
This is according to Bloomberg.
During trading on 24 June, gold fell by 3.7%, dropping below $3,970 per ounce – the second consecutive session of significant decline. At the same time, silver broke through the $60 per ounce mark for the first time since December, having lost more than half its value since its January high. Platinum and palladium also recorded significant declines.
Against the backdrop of this correction, major banks are revising their forecasts. Goldman Sachs has lowered its year-end gold price forecast by $500 to $4,900 per ounce. Deutsche Bank has revised its forecast for the fourth quarter downwards by 17 per cent.
At the same time, central banks continue to build up their gold reserves: in the first quarter of 2026, the pace of buying reached its highest level in over a year. Analysts believe that this demand will remain a key factor supporting the market.
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