Goldman Sachs Predicts Gold Price of $4,900 per Ounce by End of 2026

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According to Goldman Sachs research, the bank forecasts gold prices will reach $4,900 per ounce by the end of 2026, driven by structural diversification trends among central banks and cyclical factors. Despite a 123% rally since 2022, Goldman Sachs sees further upside, supported by emerging market central banks' ongoing reserve diversification following Russia's frozen reserves in 2022. Central banks purchased gold at approximately 50 tonnes per month (seasonally adjusted basis), with 45% of 76 surveyed central banks expecting to increase their gold reserves over the next 12 months, and 90% anticipating global reserves will rise. Goldman Sachs assumes central banks will continue accumulating gold at 50 tonnes monthly through 2026 and 40 tonnes monthly in 2027.
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