Goldman Sachs' 2026 Year-End Gold Price Forecast
Goldman Sachs analysts have announced their baseline gold forecast for the end of 2026 at $4,900, driven by central bank purchases and Federal Reserve expectations.
Goldman Sachs analysts have announced their 2026 year-end spot gold price forecast at $4,900 per ounce, amid expectations surrounding central bank reserve diversification policies and Federal Reserve policies.
Strong Recovery Process in Gold
After hitting a low in mid-July, gold exhibited a strong recovery, gaining approximately 15 percent by August 25 and trading around $4,600 per ounce.
Intense Gold Demand from Central Banks
Goldman Sachs analysts Lina Thomas and Daan Struyven stated that central banks' reserve diversification strategy is one of the most important structural factors supporting gold prices.
The institution projects that central banks will purchase an average of 50 tons of gold per month throughout 2026, reporting that the People's Bank of China was the largest buyer in June.
Impact of Fed Policies on Gold
Goldman Sachs analysts believe that the weakening expectations of a Fed rate hike in 2026 could reduce pressure on gold, and a lower inflation trend may allow interest rates to remain stable.
Potential to Exceed Expectations
It is stated that the baseline forecast of $4,900 could exceed this level due to escalating geopolitical tensions, particularly involving Iran, and new demand from private investors.
Warning of High Volatility in the Market
Goldman Sachs warned that investors turning to options could amplify price movements, pointing to the likelihood of higher two-way volatility in the gold market in the upcoming period.