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Macquarie has lowered its year-end spot gold forecast from $4400 to $4300. Macquarie strategists predict that the average spot gold price will be $4641 in 2026, with an expected decline of 9.5% to $4200 in 2027, followed by a gradual decline until 2030. The tone of Federal Reserve Chairman Kevin Walsh's first meeting was hawkish, as the end of the Middle East conflict and the Federal Reserve's hawkish stance led to a decline in gold prices.