Goldman Sachs holds its 2026 gold forecast at $4,900/oz, citing sustained central bank demand amid divergent Wall Street projections.
Goldman Sachs reaffirmed its gold price target of $4,900 per ounce for Q4 2026, despite trimming its year-end forecast by $500 in June. The bank’s revised model projects central bank purchases at 60 tonnes monthly through 2026, nearly double its prior estimate, anchoring its bullish outlook.
Wall Street remains divided, with forecasts ranging from Bank of America’s $4,800 to JPMorgan’s $6,000. Analysts weigh sovereign demand against Fed policy and dollar strength, while softer June payrolls fuel speculation of easing hawkishness. ETF inflows, however, slowed to minimal levels in May.
Goldman emphasized that a four-month price decline does not undermine its long-term case, driven by emerging-market reserve diversification and persistent central bank buying.