New Delhi, Jan. 6 -- After one of its strongest rallies in decades, gold prices may finally be due for a breather in 2026, however, analysts say the long-term bull case remains firmly intact, ICICI Direct Yearly Commodity Outlook said on Tuesday.

Analysts at ICICI Direct expect further US Federal Reserve rate cuts in 2026, and persistent concerns over rising global debt, and questions around long-term Fed independence are likely to keep gold attractive as a hedge against macroeconomic uncertainty.

"Concerns over Fed independence will be supportive. There are fears in the market that next Fed chair candidate would push for lower interest rate," the report said.

It sees strong downside protection for the yellow metal, with prices unlikel...