Goldman Sachs sees gold hitting $4,900 by end 2026, says rally not over

Goldman Sachs has reaffirmed its bullish outlook on gold, forecasting the precious metal could reach $4,900 per troy ounce by the end of 2026. The bank's co-head of global commodities research, Samantha Dart, stated in a note that 'gold is not done,' despite its lackluster performance over the past four months. Since 2022, gold has gained 123%, and the bank sees further upside driven by both structural and cyclical factors.

For gold and precious metals traders, this forecast underscores the enduring impact of central bank buying, particularly from emerging market central banks diversifying reserves after the 2022 freezing of Russia's assets. This structural demand provides a strong anchor for prices, even as short-term headwinds like a strong US dollar or rising real yields may weigh. Traders can monitor real-time gold price movements on NowPrice's live dashboard to track how these fundamental drivers translate into market action.

Looking ahead, the World Gold Council's survey showing a record 45% of central banks planning to increase gold holdings reinforces the bullish narrative. Key data to watch include upcoming US inflation reports and Federal Reserve policy signals, which could influence the cyclical factors Goldman cites. Any shift in rate expectations may accelerate or delay gold's path toward the $4,900 target.