Goldman Sachs raised its target price for gold by $500 to $5,400 an ounce by the end of this year.
The US bank said in a statement on Wednesday, January 21: “We assume that investors who hedged against risks stemming from global policies and who caused a positive surprise to our price forecasts will not liquidate their gold holdings in 2026.”
According to Goldman Sachs forecasts, central bank purchases will average 60 tons in 2026, as central banks in emerging markets are likely to continue diversifying their gold reserves.
Last week, Commerzbank raised its forecast for gold prices to $4,900 an ounce by the end of this year, citing demand for the safe haven.
Gold prices hit new record highs this week, amid trade and geopolitical tensions, pushing the price of an ounce of gold to $4,800 for the first time ever.
