Goldman Sachs raised its December 2026 gold price forecast by $600 to $4,900 per ounce, citing surging exchange-traded fund (ETF) inflows in Western markets and sustained accumulation of the yellow metal by central banks.
The investment bank’s latest gold price prediction, made in an Oct. 7 client note, marks a significant upgrade to its prior forecast, which called for a rally to $4,300 by the end of next year. What’s more, Goldman said it sees risks to this upgraded estimate as “skewed to the upside,” given the potential for “private sector diversification into the relatively small gold market,” which could push ETF holdings even higher than its model currently implies.
