Goldman Sachs raises its gold price forecast to $4,900 an ounce in December 2026

Goldman Sachs raised its gold price forecast for December 2026 from $4,300 per ounce to $4,900 per ounce, citing strong inflows into Western ETFs and expectations that central banks will continue to increase their gold holdings. "We believe the overall risks to our revised gold price forecast remain skewed to the upside," the firm said. "This is because private sector diversification into the relatively small gold market could drive ETF holdings above our interest rate model-based estimates."