Goldman Sachs once again bullish on gold: raises year-end target to $5,400, with a maximum outlook of over $7,000

On January 22, Goldman Sachs significantly raised its gold price forecast, increasing the 2026 year-end gold price target from $4,900 to $5,400 per ounce. Goldman Sachs pointed out that continued buying by private investors and central banks around the world is driving up competition for limited gold supply. It is expected that this year, central banks will purchase an average of about 60 tons of gold per month, and with the Fed cutting interest rates, gold ETF holdings are also expected to rebound. Against the backdrop of multiple institutions turning optimistic collectively, gold prices have broken through $4,800 per ounce, hitting a record high. A survey by the London Bullion Market Association (LBMA) shows that most analysts expect gold prices to reach $5,000 this year. More aggressive predictions come from ICBC Standard Bank, whose commodities strategist believes that in extreme scenarios, gold prices could rise to $7,150. Institutions generally believe that geopolitical tensions, declining real interest rates, and the “de-dollarization” trend are continuously strengthening gold’s position as the ultimate safe-haven asset globally.