Gold prices fell during the early Asian trading session. Spot gold decreased by 0.2% to $4,018.77 per ounce. While markets anticipate a rebound if prices drop to the $4,000 per ounce level, Hamad Hussain from Capital Economics suggests the precious metal could still have room to decline over the next 18 months. He points out that the prospect of the Federal Reserve raising interest rates will likely push up real yields and exert downward pressure on gold. The economist also noted that a potential sharp downturn in equity markets could create additional downward pressure on gold prices, as investors are often forced to sell high-quality assets to meet margin calls during sudden stock sell-offs. Capital Economics forecasts that gold will fall to $3,500 per ounce by the end of 2026 and to $3,250 per ounce by the end of 2027.