Gold Prices Continue to Fall; ANZ Bank Predicts Further Decline in 2026
Gold prices have been on a sharp decline over the past week. In Chennai, the price of 24-carat gold currently stands at ₹12,273 per gram, while 22-carat gold is priced at ₹11,250 per gram, and 18-carat gold is selling at ₹9,390 per gram.
According to a recent forecast by ANZ Bank, gold prices are likely to decline further next year after a sustained period of high performance.
Global Gold Trends
In the international market, spot gold was trading 0.4% higher at $4,224.79 per ounce, after touching a record high of $4,225.69. Meanwhile, US gold futures for December climbed 0.9% to $4,239.70.
Gold, traditionally viewed as a safe-haven asset during times of economic and geopolitical uncertainty, has performed strongly this year, rising 61% so far. The rally has been driven by expectations of US interest rate cuts, a weak dollar, and global market instability.
The US dollar index fell 0.1%, hovering near a one-week low, making gold—priced in dollars—more affordable for overseas buyers.
ANZ Forecast: Temporary Highs, Eventual Correction
ANZ Bank has projected that gold prices could rise to $4,400 per ounce by the end of this year, and reach a peak of $4,600 by June 2026. However, the bank expects prices to fall in the second half of 2026, once the US Federal Reserve concludes its interest rate cut cycle.
ANZ noted that “concerns over the Federal Reserve’s independence, political uncertainty, trade tariffs, geopolitical tensions, and rising global debt levels” will continue to support investment demand for gold in the near term. However, the bank warned that these drivers are unlikely to sustain long-term highs.
Possible Decline in Indian Gold Prices
Based on global market trends, ANZ Bank’s forecast suggests that domestic gold prices in India could also decline next year. Currently, 1 gram of 24-carat gold in Chennai is priced at ₹12,983, 22-carat gold at ₹11,901, and 18-carat gold at ₹9,831. Analysts predict that the 24-carat rate could drop to around ₹10,000 per gram in 2026 if the global correction occurs.
Silver Outlook
Alongside gold, ANZ Bank also predicts a rise in silver prices, expecting them to reach $57.50 per ounce by mid-2026.
Conclusion
While the current global environment continues to favor gold as a safe investment, ANZ Bank cautions that a market correction is inevitable. Once the Federal Reserve ends its monetary easing policies, gold prices are expected to moderate in the latter r half of 2026.
For now, investors are advised to stay alert and adopt a balanced approach, as the era of rapid gold price growth may soon give way to gradual stabilization.
