OCBC slashes end-2026 gold, silver forecasts as higher real yields cloud outlook

OCBC cut its end-2026 forecasts for gold and silver sharply, citing a tougher near-term macro backdrop: higher real yields, a stronger U.S. dollar, weaker ETF inflows and a more hawkish Federal Reserve outlook. The bank lowered its gold forecast to $4,360/oz from $5,100 and silver to $67/oz from $89.50, while still keeping a constructive medium- and longer-term view. OCBC expects gold to average $4,180/oz by September 2026 and rise to $4,820/oz by September 2027; silver is seen moving from $64/oz to $74/oz over the same period. The article notes spot gold and gold futures were already under pressure, with silver and platinum also falling. Overall, the piece is bearish for the near term but not a full reversal of OCBC’s bullish structural thesis, which remains supported by central-bank buying, geopolitical risk and portfolio hedge demand.