Goldman turns more bullish on gold, raises 2026 outlook

Anabelle Colaco
24 Jan 2026, 21:27 GMT+10

Growing demand for gold as a hedge against policy and geopolitical risks has prompted a more bullish outlook from major banks, as prices extend a historic rally

NEW YORK CITY, New York: Growing demand for gold as a hedge against policy and geopolitical risks has prompted a more bullish outlook from major banks, as prices extend a historic rally.

Goldman Sachs said it has raised its forecast for gold prices at the end of 2026 to US$5,400 per ounce, up from a previous estimate of US$ 4,900. The bank cited continued diversification into gold by private-sector investors and emerging market central banks.

Spot gold rose to a record peak of $4,887.82 per ounce on January 21. The metal, traditionally seen as a haven, has already gained more than 11 percent so far in 2026, building on a sharp 64 percent surge last year.

"We assume private sector diversification buyers, whose purchases hedge global policy risks and have driven the upside surprise to our price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," Goldman Sachs said in a note dated Wednesday.

The brokerage added that it expects central bank purchases to average about 60 tonnes in 2026, with emerging market central banks likely to continue shifting part of their reserves into gold.

Goldman's revised outlook follows similar moves by other banks. Commerzbank last week raised its forecast for gold prices to $4,900 by the end of this year, pointing to rising safe-haven demand.

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