Goldman Sachs maintains a year-end gold price target of $5,400, citing increased central bank purchases and geopolitical risks.
Goldman Sachs analysts forecast gold prices could climb to $5,400 by year-end, driven by rising central bank demand. Monthly purchases are expected to average 60 tonnes in 2026, up from a 12-month moving average of 50 tonnes in March.
The metal hit a record $5,600 per troy ounce in January but currently trades near $4,500, pressured by higher bond yields and inflation concerns. Central bank buying remains a key support, with geopolitical tensions reinforcing diversification trends.
Despite near-term caution due to potential liquidity needs, institutional demand is expected to sustain prices. China’s central bank has already increased purchases, according to World Gold Council data.