Analysts have trimmed their gold price outlook for 2026 for a second straight quarter, even as they raised their 2027 forecast, in a Reuters poll of 30 analysts and traders conducted over the past three weeks and published on 27 October 2026.

The poll's numbers

The median 2026 gold forecast was cut to $4,495 an ounce, down from $4,509 three months earlier, while the median 2027 forecast was raised to $4,650, up from $4,610 in the previous poll. Gold surged to a record $5,595 an ounce in January 2026 and now trades around $4,000 an ounce. Analysts cited high Treasury yields, a strong US dollar and rates expected to stay high for longer as drags, with central-bank purchases and physical demand from India and China as support. The silver 2027 average forecast was put at $66.75 an ounce, down from the 2026 forecast of $70.30, against a current price around $53 an ounce.

Forecasts, not outcomes

These are analysts' expectations, not outcomes, and the poll itself is a single Reuters survey republished across outlets, not several independent surveys. For context, spot gold was reported at $4,000.52 an ounce by 1042 GMT on 27 October, down 0.4% on the day as a stronger dollar weighed, ahead of the US Federal Reserve's policy meeting. This forecast story is distinct from a same-day spot-price update: its news is what analysts now expect, not just where the price traded.

Sources: Reuters via KRRO; Reuters via Kitco, 27 October 2026.