Gold prices may soar if the reputation of the US Federal Reserve is damaged, according to Goldman Sachs.

Goldman Sachs Group said that if the reputation of the Federal Reserve is damaged, investors will shift from US Treasury bonds to gold, causing the price of gold to potentially skyrocket to nearly $5000 per ounce. Analysts, including Samantha Dart, stated in a report, "A compromised independence of the Federal Reserve could lead to rising inflation, falling stock and long-term bond prices, and erosion of the US dollar's reserve currency status." "In contrast, gold is a store of value that does not rely on institutional trust." Goldman's report outlined a range of potential outcomes for gold prices, with the baseline prediction being gold prices soaring to $4000 per ounce by mid-2026; the so-called tail risk scenario reaching $4500; and if only 1% of the private US Treasury market flows into gold, the price of gold is estimated to rise to nearly $5000.