Goldman Sachs has raised its gold price forecasts for the end of 2026 to $5,400 per ounce, up from a previous forecast of $4,900 per ounce. This is attributed to the diversification of investments by the private sector and central banks into emerging markets. Gold hit an unprecedented high of $4,887.82 per ounce on Wednesday. The safe-haven asset has risen more than 11% since the start of 2026, continuing its strong upward trend after a 64% increase last year. Goldman Sachs stated in a note: "We expect that buyers for diversification purposes from the private sector, whose purchases aim to hedge against global political risks and led to the sharp increase in our price forecasts, will not liquidate their gold holdings in 2026, effectively raising the starting point for our price forecasts."
