Bank

Goldman Sachs Gold Price Forecast

3
Calls on record: 2
Reached: 1
Still open: 7 Oct 2025
Tracked since

About Goldman Sachs

Goldman Sachs is a global investment bank based in New York. Its commodities research team publishes regular forecasts for gold, silver, oil and other commodities, and its gold views are widely quoted in the financial press.

Its gold forecasts are usually given as a price level for the end of a year, and are raised or cut as conditions change. In recent years the bank has pointed to central bank buying as a main driver of gold. We track each published forecast and compare it with the real price.

Gold calls

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Dark line: gold price in US dollars per ounce. Each dot is one call at its target date and price, joined in the order the calls were made. Hover a dot for the details.

Said on	Prediction	Gold then	Result
28 Aug 2026Goldman Sachs	$4,900 by 31 Dec 2026	$4,599	Open
22 Jan 2026Engineering News	$5,400 by 31 Dec 2026	$4,783	Reached$5,476 on 29 Jan 2026
7 Oct 2025investingLive	$4,900 by 31 Dec 2026	$3,982	Reached$4,865 on 31 Jan 2026

Forecast notes

Bank

Goldman Sachs: Gold Is Forecast to Climb as Central Banks Buy the Precious Metal

Goldman Sachs · 28 Aug 2026 · Source

Gold: bullishCentral banksFed and ratesGeopoliticsInvestment demand

Goldman Sachs forecasts gold reaching $4,900 per troy ounce by the end of 2026, versus about $4,600 on August 25.
Central-bank buying is expected to remain strong, averaging 50 tonnes monthly in 2026, as countries diversify reserves against geopolitical and financial risks.
Lower expectations for Federal Reserve rate hikes should remove some pressure on gold, while geopolitical tensions could broaden buying among private investors.
Rising demand for gold call options may amplify price moves in both directions; the forecast does not include this potentially bullish derivatives effect.

Gold $4,900 by 31 Dec 2026Open

“Goldman Sachs Research forecasts that the price of gold will rise to $4,900 per troy ounce by the end of 2026, compared with $4,600 as of August 25.”

Bank

Goldman Sachs: Goldman Sachs raises 2026-end gold price forecast

Engineering News · 22 Jan 2026 · Source

Gold: bullishCentral banksGeopoliticsInvestment demand

Goldman Sachs lifted its end-2026 gold forecast to $5,400 an ounce from $4,900.
The bank cited continued gold diversification by private-sector investors and emerging-market central banks.
Goldman Sachs expects central banks to buy an average of 60 tonnes of gold in 2026.
It assumes private-sector diversification buyers will retain their holdings, raising the starting point for its forecast.
Gold reached $4,887.82 an ounce on January 21 and had gained more than 11% in 2026 at publication.

Gold $5,400 by 31 Dec 2026Reached

“Goldman Sachs has raised its end-2026 gold price forecast to $5 400/oz from $4 900/oz earlier, noting private-sector and emerging market central banks' diversification into gold.”

Bank

Goldman Sachs: Goldman Sachs raises 2026 gold forecast to USD 4,900 amid strong central-bank demand

investingLive · 7 Oct 2025 · Source

Gold: bullishCentral banksFed and ratesGeopoliticsInvestment demandUS dollar

Goldman Sachs lifted its December 2026 gold forecast to $4,900 per ounce from $4,300.
The bank expects central banks to buy an average of 80 tonnes in 2025 and 70 tonnes in 2026.
Reserve diversification and de-dollarisation are expected to support ongoing emerging-market central-bank gold purchases.
Geopolitical tensions, inflation concerns and potentially easier US monetary policy are additional supports for gold.
Goldman says risks to the revised forecast remain skewed upward, though higher-for-longer interest rates could prevent the target being reached.

Gold $4,900 by 31 Dec 2026Reached

“Goldman Sachs has raised its December 2026 gold price forecast to USD 4,900 per ounce (from a prior USD 4,300).”

These are the opinions of Goldman Sachs, collected from public interviews and published forecasts. They are for information only and are not investment advice.