The Globe and Mail reports in its Tuesday edition that analysts have increased their annual gold price forecasts, says a Reuters poll, citing strong central-bank demand and economic uncertainty that could outweigh risks from inflation and hawkish policies due to the Iran war. A Reuters dispatch to The Globe reports that the broader rally in gold is expected to continue once tensions ease. A survey of 31 analysts and traders revealed a median gold forecast of $4,916 an ounce for 2026, the highest since 2012. This forecast is up from $4,746.50 estimated three months ago. A year ago, a similar poll showed an average forecast of just $3,000 for 2026. After a rapid record-setting rally that took gold prices to about $5,595 an ounce at January's end, prices have shed 11 per cent since the start of the Iran war. StoneX analyst Rhona O'Connell says a peaceful resolution to the war could trigger a relief rally, supported by underlying tailwinds. However, the $5,500 level was previously too high and likely remains so. The metal's role as an inflation hedge is currently being challenged by expectations of a hawkish monetary policy response to elevated energy prices. High interest rates tend to weigh on non-yielding bullion.