Barclays becomes at least the fourth major investment bank since late March to lower its gold-price forecast, cutting its 2012 outlook 8% to $1,716/troy ounce.

Roughly the same rationale underlies each cut — investors seem perfectly happy turning to the dollar during market turmoil. Meanwhile, more quantitative easing from the Federal Reserve appears unlikely for now and buying from emerging markets, an increasingly important vacuum for gold output, has disappointed.

Goldman...