Standard Chartered Bank: The negative correlation between gold and real interest rates has weakened, with an average gold price of $4650 in the fourth quarter of 2026

Standard Chartered Bank stated that the traditional negative correlation between gold and real interest rates is weakening, and it is expected that the average price of gold will reach $4650 in the fourth quarter of 2026, higher than the average price of about $4350 in the third quarter. Sukey Cooper, Global Head of Commodity Research at Standard Chartered Bank, stated that de dollarization, currency depreciation, and official sector purchases provided support, resulting in a gold ETF inflow of 121 tons in August. Standard Chartered Bank believes that the US dollar is the main short-term risk for gold, and if the US dollar strengthens, it will put pressure on gold prices.