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Goldman Sachs Raises December 2026 Gold Price Forecast to $4,900 per Ounce

The bank cites robust Western ETF inflows and continued central bank purchases as key drivers of its revised outlook.

Summary

Goldman Sachs increased its December 2026 gold price forecast from $4,300 to $4,900 per ounce, attributing the upward revision to strong inflows into Western exchange-traded funds and ongoing central bank accumulation of gold. The bank noted that risks are skewed to the upside, with potential for private sector diversification into the relatively small gold market to push ETF holdings beyond levels anticipated by interest rate models.

Terms & Concepts
  • Exchange-Traded Fund (ETF): An investment fund traded on stock exchanges that holds assets such as stocks, commodities, or currencies; in this context, ETFs holding physical gold.
  • Interest Rate Models: Financial models that estimate asset prices or investment flows based on prevailing and projected interest rates.
  • Central Bank Gold Reserves: Gold holdings maintained by a nation's central bank as part of its foreign reserves for economic stability and currency support.