Gold is establishing a price floor near $4,000 an ounce following a stronger-than-anticipated U.S. CPI report. The precious metal is consolidating its value as markets react to the hotter-than-forecast inflation data.
Goldman Sachs revised its gold price projections downward for late 2026 and 2027, reducing the end-2026 target to $4,150 and the end-2027 target to $4,800.
Despite reducing its near-term forecasts, the bank continues to view central bank demand as a significant structural driver of gold prices. Some other Wall St banks have revised down their targets recently.
According to WGC data, central bank gold purchases climbed to 321.2 metric tons in the third quarter, rising from 296.3 metric tons in Q2 to reach their highest level since late 2024.
After a turbulent 2026 for gold, much of the market discussion centres on how the metal has seemingly lost its traditional status as a safe haven during periods of inflation and global unrest.
For the most part, gold's near-term momentum is increasingly dependent on speculative trades linked to equity and oil movements, especially in response to evolving interest rate expectations.
EBC Financial Group analyst says gold displayed an overarching bearish downtrend, punctuated by aa bearish engulfing rejection near resistance. The immediate support could lie around $4,040.
Asset Recap
As of market close on 10 November, among EBC major products, Broadcom shares led gains. The most significant catalyst reinforcing the move is JPMorgan's reiteration of its Overweight rating on the stock.
AXT was down sharply, driven by a broader AI and semiconductor sector selloff alongside profit-taking and regulatory concerns. Some market watchers worry that future supply could eventually outpace demand.
Gold tumbled following a hot US inflation report that strengthened the dollar and Treasury yields, fuelling expectations for a steeper Fed rate increase.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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