Goldman Sachs: Gold prices will slowly climb to $5,400 by the end of the year.

Goldman Sachs predicts that gold prices will gradually climb, reaching $5,400 per ounce by the end of 2026, with diversification providing upside potential. Meanwhile, Goldman Sachs expects central bank gold purchases to accelerate again in 2026, at the pace seen in 2025. Their core view is that central bank demand, coupled with increased holdings by private investors (primarily in response to Fed rate cuts), will support a steady rise in gold prices. Goldman Sachs notes that if private sector diversification efforts (especially call option structures) increase, the market will face significant upside risks. Furthermore, while the medium-term trend remains upward, significant volatility is possible. (Golden Ten)