Goldman Sachs Raises Gold Forecast
Analysis based on 6 articles · First reported Jan 22, 2026 · Last updated Jan 22, 2026
The market is impacted positively for Gold, as Goldman Sachs and other major banks have raised their price forecasts, driven by strong private and central bank demand. This suggests a bullish outlook for the precious metal, with potential for increased investment flows into Gold-related assets.
Goldman Sachs has raised its end-2026 Gold price forecast to $5,400 per ounce from $4,900/oz, citing strong demand from private-sector investors and emerging market central banks diversifying into Gold. The safe-haven metal has already climbed over 11% in 2026, extending a 64% rally from last year. Goldman Sachs expects Western ETF holdings to rise due to anticipated rate cuts by the United States — Federal Reserve in 2026, and central bank buying to average 60 tonnes in 2026. Other banks like Commerzbank have also upgraded their Gold price targets, pointing to declining real interest rates, elevated fiscal risks, and geopolitical instability as key drivers. A potential downside risk is a sharp reduction in perceived global monetary policy risks, which could lead to liquidation of macro policy hedges.
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