Spot Gold Breaks Below $4,500 on May 18 as JPMorgan Cuts 2026 Price Forecast to $5,243

According to Xinhua, on May 18, spot gold briefly broke below $4,500 per ounce during Asian trading, with prices settling around $4,549.13 by press time. COMEX gold futures traded at $4,561.30. The decline follows U.S. President Trump’s May 17 statement on Iran and reports of planned Pentagon discussions on military options.

Major institutions diverged on gold’s outlook. JPMorgan cut its 2026 average gold price forecast from $5,708 to $5,243 per ounce, citing weak near-term demand despite maintaining a longer-term bullish stance and predicting prices to reach $6,000 by year-end. In contrast, Goldman Sachs reiterated its year-end target of $5,400 per ounce, citing strong central bank purchasing demand now estimated at 60 tonnes per month globally, up from previous assessments. Goldman also noted that through April, China’s central bank had accumulated gold reserves totaling 74.64 million ounces, extending its consecutive 18-month buying streak.