Goldman Sachs Projects Gold to Reach $4,900/oz by End of 2026, Driven by Central Bank Demand

According to Goldman Sachs analysts, the precious metal is expected to reach $4,900 per ounce by the end of 2026, driven primarily by continued central bank diversification demand following geopolitical uncertainties. Samantha Dart, co-head of global commodities research at Goldman Sachs, stated that despite recent price declines over the past four months, "Gold is not done" and structural factors support further upside.

A World Gold Council survey of 76 central banks found that 45% expect to increase their gold reserves over the next 12 months. Goldman Sachs projects central bank purchases will average around 60 tonnes per month throughout 2026, supported by sovereign diversification amid ongoing geopolitical concerns.