Standard Chartered: BTD, Gold pullback a buy as drivers stay firm, $4,500 still the target

Standard Chartered says the recent pullback in gold prices below $4,360 per ounce represents a chance for investors to re-enter the market, arguing that the metal’s key bullish drivers remain firmly in place.

Despite the correction, gold is still up 49% over the past year, supported by

• a weaker U.S. dollar,
• robust central bank buying,
• and persistent inflation concerns across major economies.
• ongoing geopolitical risks, including wars and trade tensions

Said market “normalisation” may take several weeks but expects strong technical support between $3,945 and $4,060 per ounce

• firmly view this pullback as an opportunity to add
• projecting gold to reach $4,500 within 12 months

Analysts at bank added that, with the Dollar Index down nearly 8% year-to-date, structural tailwinds such as diversification away from fiat assets and continued central-bank accumulation are likely to underpin demand for gold into 2026.