Goldman Sachs still sees upside in gold even after more than seven months of price adjustment since February, according to Anthony Kim, the bank’s global head of metals trading. Kim said the pullback does not mark the end of the bull market, calling it an "extended pause" instead. He pointed to uncertainty over the policy stance of new Federal Reserve Chair Warsh, along with disruption from the Iran conflict that has affected energy markets and capital flows, as factors that have weighed on gold prices in the near term.
Despite that pressure, Goldman Sachs has kept its bullish view. Kim said the area around $4,000 is backed by sovereign buyers and institutional money, making it a "fairly solid floor." He added that if gold moves closer to $4,000 ahead of the Fed’s September decision because of data-driven volatility, investors could gradually build long positions. Goldman Sachs had previously projected that continued central bank buying and related factors could lift gold to $4,900 an ounce by the end of 2026.
Goldman Sachs still considers the current pullback in gold an interruption rather than the end of the broader rally, according to Anthony Kim, the bank’s global head of metals trading.
Speaking on Sept. 9, Kim said gold’s adjustment, which has lasted for more than seven months since February this year, should be seen as an "extended pause" rather than a signal that the bull market is over.
He said uncertainty around the policy stance of new Federal Reserve Chair Warsh, as well as disruption from the Iran conflict that has unsettled energy markets and affected capital flows, has created short-term pressure on gold prices.
Goldman Sachs has nonetheless maintained its bullish stance. Kim said the area around $4,000 is supported by sovereign buyers and institutional capital, describing it as a "fairly solid floor."
He also said that if data-driven volatility pushes gold closer to $4,000 ahead of the Federal Reserve’s September decision, investors could gradually build long positions.
Goldman Sachs had previously forecast that continued central bank gold purchases and related factors could drive the metal to $4,900 per ounce by the end of 2026.
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