# CIBC Cuts Fourth-Quarter Gold Forecast to $4,500 an Ounce By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/36517 Published: 2026-10-21T09:14:50.000Z Updated: 2026-10-21T09:14:50.000Z Section: Investing > The bank also lowered its 2027 annual average forecast to $5,200 an ounce from $6,500 and reduced its 2028 forecast. CIBC Capital Markets lowered its fourth-quarter 2026 gold forecast 31% to $4,500 per troy ounce, revising its outlook for a metal that also backs some crypto tokens. The previous forecast was $6,500 an ounce. CIBC also cut its forecast for the 2027 annual average to $5,200 from $6,500 an ounce, and its 2028 forecast to $5,500 from $6,000. The fourth-quarter figure and the full-year 2027 average cover different periods. Higher bond yields and a stronger U.S. dollar weigh on the bank’s near-term view. Central bank purchases and investment demand remain part of its longer-term outlook. Demand for physically backed gold exchange-traded funds was substantial in the third quarter. The funds attracted about $31 billion and added 211 metric tons of holdings through Sept. 30. A [separate forecast for gold in 2027]() puts the annual average at $5,330 an ounce. One Pax Gold (PAXG) token represents ownership of one fine troy ounce of vaulted gold. ## Links in this article - [separate forecast for gold in 2027](https://www.tokenpost.com/news/investing/35341)