CIBC Capital Markets cut its gold price projection for the final quarter of 2026 to $4,500 per troy ounce, a 31% reduction set against record inflows into funds backed by the metal.
The World Gold Council reported that physically backed gold exchange-traded funds drew a record $31 billion in the third quarter. Their holdings increased by 211 metric tons.
CIBC had previously projected $6,500 an ounce for the fourth quarter. The bank also lowered its projected annual average for 2027 to $5,200 an ounce from $6,500. Its 2028 forecast fell to $5,500 from $6,000.
A stronger U.S. dollar and higher bond yields weigh on CIBC’s near-term view of gold. The bank identified central bank purchases and investment demand as longer-term supports.
The $4,500 projection applies to one quarter of 2026, while the $5,200 estimate is an average for all of 2027.
