Goldman Sachs is maintaining its forecast that gold will reach $4,900 per ounce by the end of 2026, while saying the balance of risks still points higher. The bank said prices could rise well beyond that level if demand from central banks stays strong and inflows from exchange-traded fund investors return. At the same time, it warned that gold could face a sharp pullback if expectations for Federal Reserve rate hikes increase. The call keeps Goldman’s bullish view on gold in place, but also highlights how sensitive the market remains to shifts in monetary policy expectations and investment flows. The forecast, the upside case, and the downside risk were all cited in the original report.
Goldman Sachs is maintaining its forecast that gold will reach $4,900 an ounce by the end of 2026, and said the outlook still carries net upside risk.
The bank said gold could move well above that forecast if central bank demand remains strong and inflows from ETF investors recover. It also warned that gold could see a sharp pullback if expectations for Federal Reserve rate hikes heat up.
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