CIBC Cuts Gold Price Forecast to $4,500 but Maintains Long-Term Bullish Stance

English summary

Canadian Imperial Bank of Commerce (CIBC) significantly cut its Q4 2026 gold price forecast to $4,500 per ounce, a 31% drop from earlier estimates, and adjusted mean prices for subsequent years. While short-term performance is pressured by high rates and a strong dollar, the bank believes central bank buying, geopolitical risks, and debt pressures will continue to support gold's long-term allocation value.