Goldman Sachs Raises 2026 Gold Price Target to $5,400 per Ounce

According to a report by Jin Ten Data, Goldman Sachs has raised its year-end gold price forecast to $5,400 per ounce, citing continued strong demand from private investors and central banks. In a report, analysts including Daan Struyven wrote that the firm's price target for December 2026 has been raised from the previous $4,900 per ounce. They expect central banks to purchase 60 tons of gold per month this year, while ETF gold holdings will continue to expand as the Federal Reserve cuts interest rates. They noted that central banks "have begun competing with private investors for limited physical gold supplies through traditional ETF investment methods." The report stated that their assumption is that private investors seeking portfolio diversification will continue to hold gold, and their purchasing activity can offset global policy risks, thus pushing the upward revision in price forecasts. These investors will not sell their gold holdings in 2026, which in effect raises the starting point for the price forecast. Julia Du, a senior commodity strategist at Standard Chartered Bank, believes the gold price will rise to $7,150 per ounce.