Goldman raises end-2026 gold forecast to $5,400 an ounce

Businessinsider reports Goldman Sachs has raised its gold price forecast by 10%, now targeting $5,400 per troy ounce by the end of 2026, up from $4,900 per ounce in its previous outlook. The bank said the upgrade reflects a surge in private-sector demand, with investors buying through ETFs, physical bars and options while central banks keep purchasing bullion; "the rally has accelerated since 2025 because central banks started competing for limited bullion with private sector investors," wrote analysts Daan Struyven and Lina Thomas in a Thursday note.

The analysts said official-sector buying underpinned strong price gains in 2023 and 2024. Spot gold was trading around $4,800 per ounce on Thursday, having pulled back from a record high near $4,888 amid easing US–Europe tensions over Greenland; prices are up about 11% so far this year and have more than doubled since early 2023 when gold traded near $1,865.

Goldman said its forecast is supported by potential Federal Reserve rate cuts and assumes central banks buy an average of 60 metric tons per month in 2026 and that demand for hedges against global macro risks will remain steady.

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Business, Goldman Sachs, Gold, Central Banks, Etfs, Federal Reserve