Gold once fell below $3950 per ounce as Goldman Sachs and several other investment banks lowered their gold price forecasts

BlockBeats News, June 30th. The spot gold price continued to fall, dropping below $3950 per ounce at one point today, a decrease of 1.75%, hitting a new low since November 2025, and down approximately 29% from the all-time high reached in January this year.

Impacted by the international gold price decline, several domestic brands in China have lowered the prices of their 24K gold jewelry by about $25 to $30 per gram in a single day. Among them, Chow Tai Fook reduced its 24K gold price to $1208 per gram, Lao Feng Xiang to $1206 per gram, Chow Sang Sang to $1213 per gram, and Lao Miao Gold to $1212 per gram.

As gold continues its adjustment, several international investment banks have recently lowered their gold price targets. Goldman Sachs has reduced its year-end 2026 gold target price from $5400 to $4900 and stated that it will maintain a "tactically cautious" stance. Reasons for the adjustment include the delay of the Fed's interest rate cut expectation to 2027 and new Fed Chairman Kevin Warsh's first rate-setting meeting signaling a hawkish stance. Institutions such as Deutsche Bank, Citigroup, Morgan Stanley, and ANZ Bank have also successively lowered their gold price forecasts.

However, some institutions remain optimistic about the long-term outlook for gold. Goldman Sachs stated that the gold bull market is not over yet, as central banks in emerging markets continue to diversify their reserves, which will support long-term demand. JPMorgan Chase maintains its prediction that the gold price could rise to $6000 by the end of 2026, believing that the current adjustment is closer to a phase of price resetting rather than the end of a long-term bull market.