According to a new Goldman Sachs study of 900 institutional investors, the price of gold could reach $5,000 per ounce in 2026. This data is consistent with gold’s strong performance in 2025, which included new all-time highs and a steady recovery from a brief downturn.
The wave of optimism reflected in the study is somewhat at odds with Goldman Sachs’ internal, more conservative forecast. According to the bank’s analysts, the precious metal will reach $4,900 by the end of 2026. However, experts note that powerful forces are at work in the market that could lead to further gold growth.
Central bank demand is driving gold’s rally. Financial institutions around the world continue to increase their gold reserves, shifting away from the US dollar. Retail investor interest also remains strong, strengthening gold’s role as a preferred safe-haven asset during periods of macroeconomic uncertainty.
Despite a correction after reaching a record high of $4,336 on October 30, gold has demonstrated remarkable resilience. On November 28, the precious metal reached a two-week high and is poised to rise for a fourth consecutive month.