Bernstein has raised its price target for gold in the second half of 2026. The financial institution cites high central bank demand and the low likelihood of the Federal Reserve to pursue an aggressive hate-hike cycle. Bernstein anticipates the commodity to hit $4533 later this year. While the target is higher than current prices, Bernstein has been conservative with its outlook. The institution’s target is far lower than gold’s all-time high of $5608.35 from January 2026.

Is There No Chance For Gold To Hit A New All-Time High In 2026?

Bernstein does not expect the Federal Reserve to aggressively raise interest rates this year. The financial institution anticipates gold to climb under such a scenario. The central bank recently announced that it will keep interest rates unchanged after its recent FOMC (Federal Open Market Committee) meeting.

Inflation in the US climbed to 4.2%. Many expected the Federal Reserve to raise rates to combat rising CPI (Consumer Price Index) figures. The re-escalation of the war between the US and Iran has also led to a rise in investor worry. Investors may take a risk-off approach, given the increased macro and geopolitical tensions. Such a development could see a surge in gold investments.

Gold climbed to an all-time high earlier this year due to a similar pattern. Investors increased their gold exposure beginning in late 2025 due to heightened macro worries and geopolitical tensions. If the current scenario continues, investors may begin increasing their gold exposure once again.

Also Read: China Buys the Dip on Gold, Increases Reserves by 15 Tonnes

Moreover, on the chance that the Federal Reserve decides to raise interest rates, we could another gold price rally. Macro worries, geopolitical tensions, and higher rates could push gold to a new all-time high. While the possibility is real, there is no guarantee that gold will actually hit a new all-time high in 2026.