The London Gems Markets Association (LBMA) has just announced the results of a mid-year survey of 16 professional analysts, thereby updating the gold price outlook for the rest of 2026.
According to LBMA, the average forecast of experts for gold prices at the end of 2026 is about 4,500 USD/ounce. Among the 16 survey participants, the highest year-end forecast is up to 5,100 USD/ounce, while the lowest is 3,879 USD/ounce.
Expecting gold prices to gradually approach the actual developments
The survey was conducted by LBMA in July, when the gold market had just experienced a period of strong fluctuations.
In the first 7 months of 2026, gold prices once set a record high of 5,501.70 USD/ounce on January 29, then fell to the year's lowest level of 3,978.55 USD/ounce on July 1. By the end of July, this precious metal stood at 4,026.60 USD/ounce, down 8.2% compared to the beginning of the year. The average gold price in the first 7 months reached 4,595.75 USD/ounce.
LBMA assessed that the mid-year survey showed that analysts' expectations have gradually adjusted to better suit what is happening in the market.
According to the latest results, the average gold price for the whole year 2026 is forecast to be at 4,604 USD/ounce.
Notably, the forecast for the highest price in the second half of the year has a large difference between experts, fluctuating from 4,872-5,800 USD/ounce. In the opposite direction, the lowest level given is 3,450 USD/ounce.
This shows that although the average forecast at the end of the year is concentrated around the 4,500 USD/ounce range, analysts still leave open the possibility that gold will continue to experience major fluctuations.
According to LBMA, the main factors affecting gold prices in general have not changed significantly compared to the beginning of the year. Geopolitical risks, especially in the Middle East; US inflation; policy orientation of the US Federal Reserve (Fed) and gold buying activities of central banks continue to be closely monitored.
Among the 16 experts participating in the mid-year survey, 5 viewed the Iran situation as the top concern; one emphasized the gold buying demand of central banks. Most of the rest focused on the Fed's policy and the agency's response to US inflation.
In the annual survey of precious metals released at the beginning of 2026, the LBMA once recorded an average gold price forecast for the whole year of 4,741.97 USD/ounce.
The forecast range of experts at that time was very broad, from 3,450 USD/ounce to 7,150 USD/ounce, showing the large level of uncertainty of the market this year.
The forecasts in the article reflect the views of experts at the time of the survey and may change according to economic, geopolitical and monetary policy developments. The information is for reference only, not investment recommendations.
