Capital Economics economist Hamad Hussain said that although the market broadly expects gold to rebound after it falls below $4,000, he believes the precious metal still has further downside room. He noted that the U.S. Federal Reserve could continue raising interest rates, pushing up real yields and thereby continuing to suppress gold’s appeal; meanwhile, if global stock markets see a pullback, investors may be forced to sell assets such as gold to meet margin calls, further intensifying downward pressure. The firm expects gold to fall to $3,500 by the end of 2026, and further to $3,3250 by the end of 2027.