Summary

• Gold prices have returned to around December 2025 levels, largely reversing the gains made during its earlier rally.
• Gold has held up despite bond and dollar headwinds, while its historical relationships with both have become less reliable.
• Consensus forecasts for Q3 2027 point to a gold price of $4,789 per ounce, alongside a softer dollar and lower nominal Treasury yields.

By Christopher Gannatti, CFA & Nitesh Shah

A Firmer Foundation After the Correction

Gold enters the final quarter of 2026 on a firmer footing after the sharp reversal of its earlier rally. At the beginning of