Goldman Sachs Lifts Price Forecast to $4,900 Amid Central Bank Buying
Gold prices have seen extreme swings in 2026, touching an intraday record above $5,500 before sliding under $4,000 by late June. Despite this volatility, Goldman Sachs has lifted its gold price forecast for 2026 to $4,900 per troy ounce, up from roughly $4,600 on August 25.
The primary driver of this forecast is central banks' continued diversification of their reserves away from foreign currencies, a trend that Goldman's analysts describe as multi-year rather than short-term. This shift has been driven by concerns over currency risks and the need for greater portfolio diversification.
Not all gold producers feel the effects of this volatility equally. Established companies with existing cash flow can absorb price swings, but development-stage firms are more vulnerable to financing decisions and construction schedules. Lake Victoria Gold's Imwelo Project in Tanzania is a case study in this dynamic, having completed initial road repairs and advanced earthworks while still lacking a current NI 43-101 feasibility study.