Goldman Sachs Predicts Gold Surge: $4,000+ by Mid-2026, $4,900 Target for December 2026
The gold market recently hit a record high of about $4,380 / oz, before retracing to around ~$4,090 after a sharp speculative unwind.
Analysts at Goldman Sachs remain “structurally bullish”, citing strong demand from institutional investors (sovereign funds, pensions, ETFs) and ongoing central-bank purchases.
Goldman still projects a $4,900/oz price by end-2026, and warns that if private investors reallocate even modest amounts from bonds into gold, the upside could exceed projections.
Key drivers: anticipated Fed rate cuts (reducing real yields), U.S. dollar weakness, high inflation risks, and global fiscal-monetary uncertainty.