Updates to add context and details from JPMorgan's note

May 18 (Reuters) - Brokerages remain constructive on gold's long-term outlook despite recent price weakness, as rising bond yields, inflation concerns and a stronger dollar have pressured prices in the near term.

While several banks have trimmed near-term forecasts due to softer investor demand and elevated rate expectations, most analysts still expect prices to recover through 2026.

On Sunday, JPMorgan lowered its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing softer near-term demand for the metal as investor client interest has "dried to a trickle."

"This quietness shows through in stagnant activity and demand metrics. COMEX aggregate gold futures open interest and volume have remained depressed, net Managed Money futures open interest has stagnated at low levels and ETF flows have been light," analysts at the bank said in a note dated Sunday.

The downgrade comes after ANZ lowered on Friday its year-end target price for gold to $5,600 as inflation expectations, higher yields and a stronger dollar are likely to pressure prices.

Despite the downgrade, JPMorgan maintained a bullish outlook, expecting prices to climb toward $6,000 an ounce by the end of 2026 as demand strengthens in the second half of the year.

"We retain our bullish medium-term outlook and forecast that after the immense energy and inflation uncertainty clears, gold demand from investors and central banks will again re-intensify over 2H26."

Spot gold XAU= has fallen about 14% since the onset of the U.S.-Iran war on February 28, as rising oil prices fuel concerns around inflation and higher-for-longer interest rates by the Federal Reserve. GOL/

Following is a list of analysts' latest gold price forecasts (in $ per ounce):

Brokerage/Agency	Annual Price Forecast	Price Targets	Forecast as of
	2026
JPMorgan	$5,243	Expects prices towards $6,000 by year-end, as demand re-accelerates in H2'26	May 18, 2026
ANZ*	$5,600	Defers $6,000/oz gold target to mid-2027 from early 2027	May 15, 2026
Macquarie Group	$4,323	Expects prices to average $4,590 in first quarter and $4,300 in second quarter	February 5, 2026
Wells Fargo Investment Institute		Expects $6,100-$6,300 by end of 2026	February 4, 2026
UBS	-	Raises target to $6,200 for March, June, and September 2026	January 29, 2026
Deutsche Bank	$5,500	$6,000 in 2026	January 26, 2026
Societe Generale	-	$6,000 by the end of 2026	January 26, 2026
Morgan Stanley	$4,600	Bull case is $5,700 for second half of 2026	January 23, 2026
Goldman Sachs	-	$5,400 by December 2026	January 22, 2026
Citi Research	$5,000	Raises 0-3 month price target to $5,000	January 13, 2026
HSBC	$4,587	$4,450 by year-end 2026	January 8, 2026
ANZ	$4,445	$4,400 by year-end and $4,600 by June 2026	October 16, 2025
Bank of America	$4,438	2026 gold outlook raised to $5,000	October 13, 2025
Standard Chartered	$4,488	-	October 13, 2025
Commerzbank	$4,900	$4,800 by mid-2026	January 13, 2026

*end-of-period forecasts