OCBC Slashes Gold Forecast from $5,600 to $4,180 as Real Yields Bite

OCBC cut its September 2026 gold price forecast to $4,180 per ounce in July, citing higher real yields — the inflation-adjusted return on bonds that raises gold's opportunity cost. That reversed its January target of $5,600. Spot gold traded at $4,354.58 on August 13, 2026, already well above the bank's near-term call.