Goldman Raises Year-End Gold Forecast to $5,400 an Ounce

Goldman Sachs Group Inc. raised its year-end gold price forecast by more than 10%, reflecting growing private-sector diversification into bullion on top of already-strong demand from central banks and exchange-traded funds.

The bank raised its December 2026 price target to $5,400 an ounce, from a prior forecast of $4,900, on the assumption that private investors who have bought gold as a hedge against macro policy risks will maintain these positions through the end of the year, analysts including Daan Struyven and Lina Thomas wrote in a note dated Jan. 21.