LBMA Mid-Year Survey Sees 2026 Average Gold Price Near $4,604

The London Bullion Market Association (LBMA) forecast in a mid-year survey of 16 professional analysts, conducted Tuesday, August 11, 2026 (20 Mordad 1405), that spot gold will average close to $4,604 an ounce in 2026. According to Kitco News, which published the results on Sunday, August 9 (17 Mordad), the figure comes even though gold repeatedly traded below $4,000 an ounce in July, and is about 12 percent above the metal's actual average for the first seven months of the year ($4,595.75). The highest year-end forecast among respondents was $5,100 and the lowest was $3,879.

Of the 16 analysts surveyed, five cited Iran as their primary concern for the gold market, one focused on continued central bank buying, and the rest pointed to the Federal Reserve's policy path and US inflation data. In January 2026 (Bahman 1404), before the outbreak of the Iran-Israel war, the LBMA had projected a full-year 2026 average gold price of $4,741.97, a figure that has since been revised down toward the new mid-year survey's lower estimate as seven months of the year have played out.