Gold fell below $3,900 per ounce on October 30, its lowest price of 2026. Gold is now about 30% below its January peak, with expectations of tighter Federal Reserve policy the main reason for the sharp decline. Standard Chartered’s Suki Cooper warned that gold needs to hold the $3,886-per-ounce support level to avoid a potentially deeper pullback. JPMorgan Private Bank’s David Tuan said gold still faces further downside risks and that it will establish a solid bottom when interest rates peak. However, a Reuters poll of 30 analysts found median gold price forecasts of $4,495 per ounce for 2026 and $4,650 for 2027.