MKS PAMP Maintains $4,500 Average Gold Price Target for 2026 Despite Recent Correction

According to MKS PAMP analyst Nicky Shiels' mid-year outlook, the precious metals refiner is maintaining its 2026 average gold price forecast of $4,500 per ounce, despite the metal's sharp correction from record highs. Shiels argues that gold's recent selloff represents a transition from an unsustainable parabolic rally into a healthier, longer-lasting bull market rather than the end of the secular bull trend. The firm expects gold to consolidate between $3,800 and $5,000 per ounce, with a bull-case target of $5,800 remaining intact.

Shiels attributed gold's long-term strength to rising fiscal deficits, persistent inflation, currency debasement, and central bank diversification away from U.S. dollar assets. While acknowledging that hawkish Federal Reserve rhetoric under Chair Kevin Warsh could limit near-term upside through elevated real rates, she noted the Fed's ability to sustain tightening is constrained by America's growing debt burden, which should ultimately provide renewed support for precious metals.