Gold once dipped below $3,950 per ounce, with multiple investment banks including Goldman Sachs cutting their gold price forecasts.

Spot gold continues its downward trend, falling below $3,950 per ounce during intraday trading today, with a 1.75% drop, hitting its lowest level since November 2025, and down roughly 29% from the all-time high set in January this year. Affected by the decline in international gold prices, multiple domestic brands have cut their pure gold jewelry prices by 25 to 30 yuan per gram in a single day. Specifically, Chow Tai Fook’s pure gold quote dropped to 1,208 yuan per gram, Lao Feng Xiang to 1,206 yuan per gram, Chow Sang Sang to 1,213 yuan per gram, and Laomiao Gold to 1,212 yuan per gram. As gold continues its correction, several international investment banks have recently lowered their gold price targets. Goldman Sachs cut its end-2026 gold price target from $5,400 to $4,900, and said it will maintain a "tactically cautious" stance, citing factors including the delay of Fed rate cut expectations to 2027 and hawkish signals from the first policy meeting of new Fed Chair Kevin Warsh. Institutions including Deutsche Bank, Citigroup, Morgan Stanley, and ANZ have also recently successively lowered their gold price forecasts. However, some institutions still hold a positive outlook on gold’s long-term trend. Goldman Sachs stated that the gold bull market is not over yet, as the continued reserve diversification by emerging market central banks will still support long-term demand; JPMorgan Chase maintained its forecast that gold could rise to $6,000 by the end of 2026, arguing that the current correction is more of a periodic price reset rather than the end of the long-term bull market.