OCBC Cuts Gold Forecast to $4,180 as Real Yields Climb

OCBC slashed its September 2026 gold forecast to $4,180 per ounce in July, down from January's $5,600 target. The bank cited rising real yields — bond returns adjusted for inflation, which raise gold's opportunity cost since gold pays no interest. Spot gold already traded at $4,354.58 on August 13, well above OCBC's call.