Goldman Sachs Lowers Gold Price Forecast to $4,900 Per Ounce for End-2026
Goldman Sachs has revised its gold price forecast to $4,900 per ounce for end-2026. This is not just a simple number change; it reflects significant shifts in the underlying factors driving global demand.
The original forecast was set at $4,900 in late 2025 and was based on two key pillars: sustained central bank gold demand as a reserve asset and anticipated interest rate reductions by the US Federal Reserve. By January 2026, private-sector portfolio diversification into gold accelerated faster than initially projected, pushing the target to $5,400 per ounce.
However, in June 2026, Goldman Sachs walked back the forecast to $4,900 due to the removal of anticipated rate cuts from the base case. The structural demand thesis remains intact, but upside risk depends on private investors re-entering the market at scale.