According to, Goldman Sachs raised its end-2026 gold forecast to $5,400 per ounce, citing strong private-sector demand and diversification. “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,” the firm wrote. (Ed. note: the firm tied the higher starting point to continued private buying.)
Data from central bank trackers shows large official buying in 2025. Data shows that global central banks purchased +45 tonnes in November, the second-strongest month of the year, and reached 297 tonnes in the first 11 months of 2025, “Central bank official gold purchases remain robust.”
Analysts also expect higher targets for bullion. Rashad Hajiyev noted technical momentum and said gold could climb further, with his view that gold is “likely to reach $8k by the end of the 2026.”
The forecast reflects a shift to safe-haven assets amid geopolitical risks. Policymakers and private buyers are cited as key drivers behind the rapid price moves.
