Westpac Forecasts Gold Recovery to $4,600 After 7% June Decline
Westpac expects gold to recover toward $4,600 after trading near $4,216 on Thursday, down over 7% in June amid rising bond yields and interest rate expectations that reduced demand for non-yielding assets.
Westpac Banking Corporation issued a gold price outlook projecting recovery toward $4,600 per troy ounce after the metal traded near $4,216 on Thursday, down over 7% in June and well below January's record highs. The Australian bank attributed the correction to rising bond yields and expectations of higher interest rates, which reduced the appeal of non-yielding assets like gold.
The forecast centers on gold's (XAU/USD) path following a steep selloff that began after the January peak. Gold prices remain under pressure as bond markets price in a sustained higher-rate environment, making fixed-income instruments more attractive relative to precious metals that generate no income. The 7% monthly decline marks one of the sharpest drawdowns in 2026.
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