ING Cuts Gold and Silver Forecasts as USD Index Hits 101.69 and Yields Rise

According to Kitco News, ING has downgraded its precious metals price forecasts as gold fell below $4,000 an ounce and silver dropped below $60 an ounce. The investment firm now expects gold to average $4,300 per ounce in Q3 2026 and $4,600 in Q4, down from previous forecasts of $4,850 and $5,000 respectively. Silver forecasts were also reduced to $68 and $74 per ounce for Q3 and Q4, from prior estimates of $79 and $84.

According to ING commodity analyst Ewa Manthey, surging U.S. dollar strength and elevated bond yields are the primary headwinds. The U.S. Dollar Index surged to 101.69, its highest level since May 2025, following the Federal Reserve's latest policy meeting signals of a potential rate hike. Markets are pricing in a rate increase as early as September, with expectations of a second increase by December.