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

Goldman Sachs has significantly raised its gold price forecast, increasing the target for gold prices at the end of 2026 from $4,900 to $5,400 per ounce. Goldman noted that the ongoing purchases by private investors and central banks are driving up competition for limited gold supply, with an expected average monthly gold purchase of about 60 tons by central banks this year. Additionally, in the context of the Federal Reserve's interest rate cuts, gold ETF holdings are also expected to rebound.

Against the backdrop of several institutions turning optimistic, gold prices have surpassed $4,800 per ounce, reaching a historic high. A survey by the London Bullion Market Association (LBMA) shows that most analysts expect gold prices to exceed $5,000 this year.

More aggressive predictions come from ICBC Standard Bank, whose commodity strategist believes that gold prices could rise to $7,150 in extreme scenarios. Institutions generally agree that geopolitical tensions, declining real interest rates, and the trend of "de-dollarization" are continuously reinforcing gold's status as the ultimate safe-haven asset globally.