Gold Prices Poised to Hit $4,900 per Ounce by End of 2026
Gold prices are expected to reach $4,900 per ounce by the end of 2026, according to Goldman Sachs Research. This forecast is based on central bank purchases in July, which stood at 44 metric tons. On a seasonally adjusted basis, the three-month trend reached 91 metric tons per month.
The World Gold Council reported that $18 billion flowed into gold ETFs in August, causing their holdings to rise by 121 metric tons to a record 4,189 metric tons. Although the technology sector is not a major consumer of gold, it accounted for 323 metric tons of gold in 2025.
Osisko Gold Group and Fury Gold Mines are two companies with ongoing projects that could contribute to the growth of the gold market. Osisko's Cariboo project in British Columbia has obtained key permits, with initial construction work underway. The company plans its first gold pour for Q1 2029 and commercial production for H2 2029.
Fury Gold Mines holds a portfolio of over 157,000 hectares in Québec and has secured funding for its 2026 exploration programs. Recent infill drill results at the Eau Claire project include 14.41 g/t gold over 3.92 m, which is expected to support the pre-feasibility study.