Gold Holds Near $4,550 as Banks Reaffirm $5,400-$6,000 Targets

Gold trades near $4,550 after a three-month pullback from January’s $5,600 peak amid Iran-driven inflation and higher real yields. Goldman Sachs raised its central-bank purchase nowcast to 60 tonnes/month through 2026 and kept its year-end target at $5,400, while JPMorgan trimmed its 2026 average to $5,243 but retained a $6,000 year-end objective. President Trump’s May 20 remark that the U.S.-Iran conflict is in its “final stages” sparked a 1.6% rally and renewed ETF inflows. Institutions remain structurally bullish despite near-term headwinds from yields and the dollar.