Major bank's year-end forecast for gold: Critical range in ounce price

UniCredit maintained its end-2026 gold price forecast at $3,900–4,500 per ounce, keeping a wide range that implies significant upside from current levels. The bank said elevated bond yields are weighing on gold prices, while dollar-related concerns and continued central bank purchases underpin the bullish case. The call matters because it frames gold's outlook as a tug-of-war between rising real yields and official-sector demand. Investors will watch US bond yields, dollar sentiment and central bank buying data for signals on which force prevails.