‘Gloomy’ forecast for gold prices.

Gold prices continued to fall sharply this week, after the initial recovery quickly faded.

Higher-than-expected inflation data, sharply rising US Treasury yields, and an increasingly hawkish stance from the Federal Reserve have put pressure on precious metals, pushing prices to their lowest levels in over a year.

Wall Street is pessimistic about gold prices.

Specifically, the spot gold price started the week at $4,066 per ounce and then entered a strong upward trend, at one point reaching $4,149 per ounce on Monday, the highest level of the week.

However, on Wednesday, the price of gold unexpectedly fell below the $4,000 /ounce mark. Selling pressure intensified on Thursday, with the price of gold at one point dropping to $3,852 /ounce, its lowest level since October 2025.

On Friday, the precious metal recovered slightly. However, gold prices ended the session almost unchanged, concluding a volatile trading week.

This week, Kitco News ‘ gold survey included 13 analysts. Only 2 experts (15%) predicted a rise in gold prices next week; 10 analysts (62%) believed the precious metal would continue to fall; and 3 (23%) predicted prices would remain stable.

Among individual investors, an online survey with 160 votes showed that 67 people (42%) expect prices to rise next week; 60 people (38%) predict prices will fall, and the remaining 33 people (21%) believe prices will remain stable.

Next week, financial markets will receive a series of important economic data releases. The release schedule begins on Monday morning with the Empire State Manufacturing Survey. On the same day, Fed Chairman Kevin Warsh is scheduled to speak at a conference in San Francisco.

On Tuesday, the focus will be on the October retail sales report, which will provide further insight into the purchasing power of American consumers.

By Wednesday morning, the market will receive the October pending home sales data. The minutes of the Fed’s October policy meeting will also be released that afternoon, attracting investor attention as the interest rate outlook remains a key factor influencing market movements.

On Thursday, key data releases included the Philadelphia Fed Manufacturing Survey and weekly initial jobless claims.

The week’s economic data releases will conclude on Friday morning with the preliminary results of the University of Michigan’s survey on U.S. consumer sentiment.

Experts warn of a potential plunge to $3,300 per ounce.

Forecasting the outlook for gold prices in the near future, Jesse Colombo, an independent precious metals analyst and founder of BubbleBubble Report, believes that gold prices are at risk of further sharp declines.

According to him, if the upward trend of the US dollar continues, precious metals could lose another $400- $500 per ounce before finding the next important support zone.

“From the current price range down to around $3,400- $3,500 per ounce is a pretty big gap. If the price actually breaks through support with enough force, I think the next target could be around $3,500 per ounce,” Colombo predicted.

Sharing a pessimistic view, Alex Kuptsikevich, senior market analyst at FxPro, predicts that gold prices will continue to face pressure next week.

“Gold’s recovery has given way to a new wave of sell-offs, pushing prices to their lowest levels since October 2025. The strengthening US dollar and attractive bond yields continue to be the main drivers putting pressure on the precious metal,” he noted.

According to Kuptsikevich, the strengthening US dollar and the 5% yield on 10-year US Treasury bonds are putting significant pressure on gold. The recent decline also reflects a continuation of the sell-off after a lull in early November, when some traders limited their holdings of USD due to uncertainties surrounding the US midterm elections.

He believes that gold prices could continue to fall following the downward trend previously mentioned by FxPro, targeting around $3,300 per ounce. However, the Fed’s policy developments could alter this outlook.

Meanwhile, analysts at CPM Group see the correction in global gold prices as reflecting changes in investor expectations, toward higher inflation, rising US interest rates, weakening economic growth prospects, and prolonged political instability in many countries.

CPM Group notes that gold’s recovery began in early November but failed to break through key resistance levels in recent sessions. Meanwhile, unfavorable factors for the market are becoming increasingly apparent, weakening buying pressure.

Another factor putting pressure on gold prices is the expectation that the Fed will continue to raise interest rates. The strengthening US dollar also contributes to putting pressure on commodities priced in this currency.

However, CPM Group believes that the outlook for gold prices is not yet entirely bearish. According to them, if the precious metal holds its support levels in the next few sessions, prices could recover quickly.