Gold prices briefly fell below $3,950 per ounce, prompting several investment banks, including Goldman Sachs, to lower their price forecasts.

According to Mars Finance, spot gold continued its decline on June 30th, briefly falling below $3950 per ounce, a drop of 1.75%, hitting a new low since November 2025, and cumulatively declining by approximately 29% from its all-time high in January of this year. Affected by the decline in international gold prices, several domestic brands lowered their prices for pure gold jewelry by approximately 25 to 30 yuan per gram in a single day. Specifically, Chow Tai Fook lowered its price to 1208 yuan per gram, Lao Feng Xiang to 1206 yuan per gram, Chow Sang Sang to 1213 yuan per gram, and Lao Miao Gold to 1212 yuan per gram. With the continued adjustment in gold prices, several international investment banks have recently lowered their gold price targets. Goldman Sachs lowered its year-end 2026 gold price target to $4,900 from $5,400, stating it will maintain a "tactical cautious" stance. Reasons cited include the postponement of expected Federal Reserve rate cuts to 2027 and the hawkish signals from new Fed Chairman Kevin Warsh's first policy meeting. Deutsche Bank, Citigroup, Morgan Stanley, and ANZ Bank have also recently lowered their gold price forecasts. However, some institutions remain optimistic about gold's long-term prospects. Goldman Sachs stated that the gold bull market is not over, and the continued diversification of reserves by emerging market central banks will continue to support long-term demand. JPMorgan Chase maintained its forecast that gold prices could reach $6,000 by the end of 2026, believing the current correction is more of a temporary price reset than the end of a long-term bull market.