Goldman Sachs raises year-end gold price forecast to $5400

On January 22nd, Goldman Sachs raised its forecast for the price of gold at the end of 2026 from $4900 per ounce to $5400, citing continued strong demand from private investors and central banks around the world. The Goldman Sachs report predicts that central banks will purchase 60 tons of gold each month this year, and the holdings of gold ETFs will increase as the Federal Reserve lowers interest rates. The report states that the bank assumes that diversified asset allocation buyers from the private sector are buying gold to hedge against global policy risks, which will drive gold prices higher than expected. It is estimated that these buyers will not sell their gold holdings in 2026, thereby raising the starting point for the gold price forecast.