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Bank of America Cut Its Gold Forecast. The Reason Is More Bullish Than It Looks.

Stack of 400 oz fine gold bullion bars with serial numbers, set against a blurred financial trading screen — illustrating the Bank of America gold forecast 2026 revision and its implications for gold prices.

Bank of America cut its 2026 average gold price forecast by 14% to $4,360 an ounce on July 8, citing a more hawkish Federal Reserve. The same research note preserved the bank’s $6,000 per ounce long-term target — and the reason it couldn’t raise rates aggressively enough to end the thesis is the story most coverage missed.

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