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Goldman Sachs sees gold at $4,900 by December 2026 - YAHOO FINANCE
by Pedro Goncalves Finance Reporter, Yahoo Finance UK
Gold (GC=F)
Gold prices slipped slightly on Friday morning after a US inflation reading that came in below expectations reduced bullion’s attraction as a hedge against rising prices, although analysts say the rally still has further to run in 2026.
Gold futures lost 0.3% to $4,351.80 an ounce, while spot gold was muted at $4,326.73 at the time of writing.
“The softer inflation print was a bit of a double-edged sword (for gold and silver), in that it helps justify a dovish trajectory from the Fed, but it also means that they lose some of their appeal as an inflation hedge,” said Tim Waterer, chief market analyst at KCM Trade. “The dollar standing its ground is also creating some resistance.”
Goldman Sachs (GS) expects gold prices to rise 14% to $4,900 per ounce by December 2026 under its base case, according to a note published on Thursday. The bank added that there were upside risks to this forecast, citing the potential for broader diversification demand from private investors.
In a separate note outlining its commodities outlook for 2026, Goldman Sachs said it expected structurally high central bank demand and cyclical support from US Federal Reserve interest rate cuts to underpin higher gold prices. The bank said it continued to recommend long exposure to the yellow metal.
