Goldman Sachs Survey Finds Many Institutional Investors Forecast $5,000 Gold by 2026

Gold has experienced a strong rally this year, and a Goldman Sachs survey indicates a substantial portion of investors anticipate the precious metal reaching a record $5,000 per troy ounce by the end of 2026.

Prices for gold have climbed 58.6% year-to-date and surpassed the $4,000 threshold for the first time on Oct. 8.

In a poll of more than 900 institutional investor clients on Goldman Sachs’ Marquee platform, 36% of respondents — the largest single group — expect gold to sustain its advance and top $5,000 by the close of next year.

An additional 33% of those surveyed projected the metal would trade between $4,500 and $5,000, according to the poll conducted from Nov. 12 to Nov. 14.

Goldman Sachs reported that over 70% of institutional investors foresee further gains for gold next year, while just above 5% anticipate a retreat to the $3,500–$4,000 range over the coming 12 months.

Gold advanced to a two‑week high on Friday amid growing hopes for a Federal Reserve rate cut, with spot prices rising 0.45% to $4,175.50 and gold futures trading up 0.53% at $4,187.40.

Survey participants identified central bank purchases as the primary factor driving the price increase, cited by 38% of respondents, while 27% pointed to fiscal concerns.

A wide spectrum of investors, from retail buyers to hedge funds, has turned to gold this year as a traditional safe‑haven asset, using it to hedge against inflation risk, geopolitical tensions, and a weakening dollar.

Global central banks have also increased their allocations to gold, attracted by its liquidity, absence of default risk, and neutral status as a reserve asset.

Phil Streible, chief market strategist at Blue Line Futures, said he expects the bull market in gold to extend into 2026.

“The global economic outlook continues to support gold,” Streible told CNBC’s “Power Lunch” on Nov. 20, noting that many countries are still contending with slowing growth and rising inflation.

Some investors are expressing their bullish view through exposure to the mining sector.

Stephen Yiu of Blue Whale Capital told CNBC’s “Europe Early Edition” earlier this month that he is positioned in Newmont, the world’s largest gold miner.

Carson Block, founder of Muddy Waters Capital and known for short selling, presented an uncommon long position in Canadian junior miner Snowline Gold at this year’s Sohn London investment conference, describing the company as an appealing takeover prospect amid increasing consolidation in the sector.