Goldman Sachs raises gold price forecast for 2026

Goldman Sachs raised its gold price forecast for next year, citing strong inflows into exchange-traded funds (ETFs) and potential central bank purchases.

The bank now expects the precious metal to reach $4,900 per ounce by December 2026, up from its previous estimate of $4,300.

Goldman Sachs also forecasts that central bank gold purchases will average 80 metric tons in 2025 and 70 metric tons in 2026, as emerging market central banks continue to structurally diversify their reserves.

The bank’s analysts believe that Western ETF holdings will increase, supported by expectations that the US Federal Reserve will cut interest rates by 100 basis points by mid-2026.

These projections come after gold prices surged by more than 50% so far this year, driven by strong central bank buying, growing demand for gold-backed ETFs, a weakening US dollar, and rising global trade uncertainty.