[Bernstein Bullish on Gold in Second Half, Target Price Raised to $4,375/oz] Golden Finance reports that on July 10, Bernstein raised its 2026 gold price forecast, projecting a second-half target price of $4,375 per ounce and a full-year target price of $4,533 per ounce. The institution believes that continued gold purchases by central banks and the high likelihood that the Federal Reserve will not raise interest rates in the next 12 months will be key factors supporting gold prices. Bernstein expects the Federal Reserve to raise rates at most only 1 to 2 times, and the pressure from outflows of gold ETFs will also be limited. Bernstein noted that in Q2 2026, a rise in real interest rates had caused gold prices to drop from $4,650/oz to around $4,000/oz, but as interest rate expectations stabilize, gold still has room for growth. The institution also warned that if inflation remains higher than expected, prompting the Federal Reserve to adopt more aggressive rate hikes, this would pose a major risk to gold price increases.