Gold Could Near $5,000 if Investors Flee Treasuries, Goldman Sachs Says

Emerging-market central banks have been active buyers since the freezing of Russian reserves in 2022 underscored the vulnerability of foreign-exchange holdings.

A Swiss gold bar and U.S. dollar gold coins are pictured in Paris, France, on Feb. 20, 2020. Joel Saget/AFP/Getty Images

Goldman Sachs said gold prices are poised to extend their record-breaking rally through 2026, with the potential to climb far beyond current levels depending on how central banks, private investors, and U.S. monetary policy evolve.

In its Sept. 3 note “Diversify Into Commodities, Especially Gold,” Goldman set out three potential paths for bullion, each reflecting a different mix of monetary and political forces, but all pointing to further gains for gold.

Three Scenarios for Bullion

The baseline projection sees gold reaching $4,000 per ounce by mid-2026, driven largely by continued central-bank accumulation and expectations that the Federal Reserve will soon pivot toward rate cuts.