Goldman Sachs raises 2026-end gold price forecast to $5,400/oz

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification into gold.

Spot gold climbed to a peak of $4,887.82 per ounce on Wednesday. The safe‑haven metal has climbed more than 11 percent so far in 2026, extending a blistering rally that saw it jump 64 percent last year.

"We assume private sector diversification buyers, whose purchases hedge global policy risks and have driven the upside surprise to our price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tonnes in 2026 as emerging market central banks are likely to continue diversification of their reserves into gold.

Commerzbank, last week, raised its gold price forecast to $4,900 by the end of this year, citing increased safe-haven demand.