Spot gold approached USD 2,860 per ounce on Friday, supported by safe-haven demand and a softer dollar following the Federal Reserve's policy statement. Chair Jerome Powell noted that "incoming data will guide the pace of any further adjustments," language that markets interpreted as dovish.
Analysts at major banks revised their year-end targets, with Goldman Sachs lifting its forecast to USD 2,950 per ounce, while UBS sees a path toward USD 3,000 if real yields continue to compress. Central-bank purchases remain a structural pillar, with the World Gold Council reporting that official-sector demand exceeded 290 tonnes in the first quarter of 2026 — the second-highest Q1 reading on record.
ETF flows are turning positive again, with global gold-backed funds adding 32 tonnes in April, ending a six-month outflow streak. Traders will focus on next week's US CPI release for further direction.