Gold remains firmly on investor watchlists as major market forecasts continue to point towards a stronger second half of 2026, despite a more uneven near-term backdrop. The latest projections suggest that the market may be moving through a consolidation phase rather than a clear change in direction, with demand expected to regain momentum later in the year.
Forecasts for average prices have been adjusted lower in some cases, reflecting softer conditions earlier in the year, but year-end targets remain notably higher. That implies that analysts still see scope for stronger demand to emerge after a period of hesitation.
Higher yields, a firmer US dollar, oil-related uncertainty, softer physical demand and geopolitical disruption have all complicated the outlook. These factors can limit short-term price momentum and increase volatility, particularly when investors are reassessing real yields and currency direction.
The market’s current positioning also suggests a distinction between short-term caution and medium-term opportunity. A period of consolidation does not necessarily weaken the overall case, especially if demand from institutional and official-sector buyers improves later in 2026. The second half of the year is therefore likely to be watched closely for evidence that stronger buying interest is returning.
Jubilee Metals Group plc (LON:JLP) is a diversified and leading metals recovery business with a world-class portfolio of projects in Zambia.
