Goldman Sachs revamps gold price target for the rest of 2026

Gold has been connected 1 of the astir almighty runs successful its modern history. Spot prices touched an all-time precocious adjacent $5,589 successful precocious January 2026 earlier pulling backmost and stabilizing supra $5,000. As of Feb. 25, the metallic is trading astir $5,187 per ounce, inactive adjacent historical highs, and -- arsenic I wrote precocious -- connected way for consecutive monthly gains stretching backmost done astir of 2025.

Goldman Sachs is keeping its ft connected the gas. The slope raised its year-end 2026 golden terms people to $5,400 per ounce successful January, and precocious pushed backmost firmly against the thought that gold's surge signals a broader commodity supercycle.

For investors trying to marque consciousness of wherever golden goes from here, Goldman's presumption offers 1 of the clearest roadworthy maps connected Wall Street.

In January, Goldman raised its year-end 2026 golden terms people to $5,400 per ounce, up from a anterior forecast of $4,900, per Kitco News.

The analysts down the call, Daan Struyven and Lina Thomas, pointed to a displacement successful who is buying golden and why.

• Western exchange-traded funds added astir 500 tonnes since the commencement of 2025, outpacing what involvement complaint cuts unsocial would explain.

• High-net-worth individuals and household offices are buying carnal bars.

• Institutions are purchasing telephone options connected golden ETFs arsenic a hedge against what Goldman describes arsenic the "debasement trade," a increasing interest implicit semipermanent fiscal sustainability, and

• Central slope independency successful large Western economies.

The slope calls these "sticky" positions due to the fact that they are tied to structural macro risk, not short-term events that tin resoluteness quickly.

Central banks underpin the full structure. Goldman forecasts cardinal banks volition bargain an mean of 60 tonnes of golden per period successful 2026, sustained by emerging marketplace reserve managers diversifying distant from dollar-heavy holdings.

Related: J.P. Morgan drops blunt world cheque connected golden terms surge

China's cardinal slope extended its golden purchases for the 15th consecutive period successful January 2026, per Trading Economics, underscoring however durable that request has become.

• Private capitalist positioning: Buyers hedging semipermanent macro risks, including fiscal deficits and argumentation uncertainty, clasp positions Goldman describes arsenic improbable to unwind successful 2026

• ETF inflows: Western golden ETFs added astir 500 tonnes since aboriginal 2025, good supra what complaint cuts unsocial predicted, pointing to structural reallocation alternatively than tactical positioning

• Central slope buying: Goldman forecasts 60 tonnes per period of cardinal slope purchases successful 2026, with China unsocial extending purchases for 15 consecutive months done January

• Debasement trade: Concern implicit authorities indebtedness levels and semipermanent monetary stableness is adding a caller class of request that did not diagnostic prominently successful anterior golden cycles