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On Monday, Goldman Sachs said in a report that gold will continue to outperform silver, and strong central bank demand is a factor driving the gold-silver price ratio higher. Therefore, the bank expects silver to not catch up with the ongoing rise in gold prices. Goldman Sachs also stated that if an economic recession occurs, accelerated inflows of ETF funds will push the price of gold to $3,880 by the end of the year. The bank reiterated its bullish outlook on gold, with a fundamental expectation for a gold price of $3,700 per ounce by the end of the year and reaching $4,000 by mid-2026.