OCBC Lowers Gold Price Forecast, Citing Bond Yields

OCBC cut its September 2026 gold price forecast to $4,180 an ounce in July, down from $5,600 in January. Why? Higher real yields — the interest bondholders earn after inflation — make gold less attractive, since gold pays no income. Spot gold traded at $4,354.58 on August 13, already above the bank's target.