Goldman Sachs Lowers Gold Price Forecast to $4,150, Expects Central Banks to Continue Buying Gold

Goldman Sachs analysts Lina Thomas and Dan Struyven released a report on November 5, lowering their gold price forecast for the end of 2026 from $4,650 per ounce to $4,150, and the target price for the end of 2027 from $5,400 to $4,800. Despite the significant adjustments, Goldman Sachs still expects central banks to continue purchasing large amounts of gold, as concerns about the safety of foreign exchange reserves will persist, and the eventual decline in U.S. interest rates will support gold prices. Stephen Innes, a macro market strategist in the international financial community, interpreted that the dynamics driving gold prices have changed, with central banks continuously increasing their gold holdings, but the Federal Reserve maintaining a restrictive monetary policy has weakened the willingness of private investors to buy, especially speculative funds that rely on leverage and options trading. Changes in the gold market indicate that although central banks are still buying, leveraged funds are unwilling to follow suit at any cost.

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