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    Gold price extends decline: planning implications for mine project teams

    April 29, 2026|

    Reviewed by Joe Ashwell

    Gold price extends decline: planning implications for mine project teams

    First reported on MINING.com

    30 Second Briefing

    Gold fell for a third straight session on Wednesday, with spot prices down 1.3% to about $4,510/oz and US futures slipping 1% below $4,600/oz, after breaking technical support around $4,650/oz ahead of the Federal Reserve’s rate decision. The pullback takes bullion back to late‑March levels, when it logged its worst monthly performance since 2008, despite a January peak near $5,600/oz and ongoing inflation pressure from the Middle East conflict and a World Bank‑projected 24% jump in 2026 energy prices. Longer term, Goldman Sachs still targets $5,400/oz by year‑end and Deutsche Bank sees potential for $8,000/oz within five years, supported by rapid central‑bank buying and de‑dollarisation.

    Technical Brief

    • Mediation efforts led by Pakistan are a key variable in market expectations for inflation persistence.
    • US-Iran conflict is identified as a primary inflation headwind, constraining prospects for near-term US rate cuts.
    • January–March central-bank purchases reached their fastest bullion accumulation pace in over a year, per WGC data.
    • Gold’s 2025 price performance saw a 60% increase, attributed to a structural shift away from the US dollar.
    • Deutsche Bank’s $8,000/oz five-year scenario explicitly assumes continued, material de-dollarisation of reserves.
    • Goldman Sachs maintains a $5,400/oz year-end target despite recent technical selloffs and volatility.

    Our Take

    With gold tagged across hundreds of items in our database, the current 1–2% price pullback sits against a backdrop of generally bullish 2025 price expectations, which tends to keep long-dated project studies and reserve upgrades moving rather than being shelved.

    The World Bank’s presence in this piece echoes its role in another recent item where US officials pressed it to steer more capital into ‘high‑quality’ critical minerals; that pressure could indirectly support financing for graphite and uranium assets like Metals Australia’s refinery concept and Ur‑Energy’s Shirley Basin project if they can be framed as energy‑transition enablers.

    Ur‑Energy’s Wyoming assets (Lost Creek and Shirley Basin) are exposed more to uranium than to gold, so short‑term gold price softness mainly matters via broader risk‑on/risk‑off sentiment; in our coverage, US uranium developers have been more sensitive to US policy and utility contracting than to bullion moves.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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