Goldman Sachs raises year-end gold price target to $5,400 as central bank demand continues to strengthen

PANews January 22 News, Goldman Sachs has raised its year-end gold price forecast to $5,400 per ounce, citing sustained demand from private investors and central banks worldwide. Analysts Daan Struyven and others wrote in the report that they have increased the target price for December 2026 from the previous $4,900 per ounce, expecting central banks to purchase 60 tons of gold each month this year. As the Federal Reserve cuts interest rates, ETF gold holdings are expected to continue expanding. They stated that central banks “have begun competing with private sector investors for limited physical gold supplies through traditional ETF investment methods.” The report indicates that it is assumed that private sector diversified investors will continue to hold gold, and their purchasing behavior can offset global policy risks, thereby driving the upward revision of the price forecast. These investors are unlikely to sell their gold holdings in 2026, which effectively raises the starting point of the price forecast. Julia Du, Senior Commodity Strategist at ICBC Standard Bank, believes that gold prices will rise to $7,150 per ounce.