Bernstein Research Lowers Gold Price Target for 2030 Amid Rising Interest Rates
On September 23, 2026, Bernstein Research analyst Bob Brackett reduced the firm’s gold price forecast to $5,600 per ounce by 2030 from a previous target of $6,100. The adjustment is attributed primarily to rising real interest rates rather than any decline in physical demand for gold. Central banks continue purchasing significant amounts of gold annually, but higher yields are making the metal less attractive compared to income-generating assets. Brackett remains optimistic about gold’s long-term potential despite the cut, citing historical trends where gold prices rose even as real rates increased slowly between 2023 and 2025. He emphasized that central banks—particularly in Asia and the Middle East—are expected to maintain steady demand for gold over time due to their low current allocations compared to Western counterparts. Goldman Sachs also revised its fair-value estimate downward, lowering it from $4,900 at year-end 2026 to $4,650. Analysts across multiple banks are adjusting forecasts in response to the Federal Reserve’s recent rate hikes and evolving monetary policy expectations.
Tickers: $GLD
Topics: Bernstein Research Gold Interest Rates Price Target Adjustment