Commerzbank cuts gold price outlook as central banks boost purchases

Commerzbank lowered its year‑end forecast for gold to $4,500 per ounce, down from $4,800, and also reduced its estimates for silver, platinum and palladium. The German bank said its outlook for silver fell to $67 per ounce for 2026 and $80 for 2027, while platinum and palladium forecasts slipped to $2,000 and $1,500 respectively.

A World Gold Council report showed global gold demand remaining steady in the second quarter, with central banks buying 289 tonnes, reaching the strongest level in four years. Gold‑linked exchange‑traded funds recorded a 45‑tonne outflow, while jewelry demand fell to a pandemic‑low of 278 tonnes, though its dollar value rose 14% to $40 billion. The average spot price of gold in the quarter was $4,506 per ounce, about 37% higher than a year earlier.