Goldman Sachs Lifts Gold Price Forecast 2026 to $4,900 as Central Banks Keep Buying
Gold has rewritten its own record book in 2026, and Wall Street is already looking past the headlines toward what comes next. The Goldman Sachs gold price outlook now points to $4,900 per troy ounce by the end of the year, a forecast that lands against a backdrop of extreme swings, aggressive central bank buying, and a mining industry still struggling to bring new supply online fast enough to matter.
Key takeaways
- Gold crossed $5,000 an ounce for the first time in January 2026 and briefly touched an intraday record above $5,500 before sliding under $4,000 by late June.
- Goldman Sachs Research now forecasts gold will reach $4,900 per troy ounce by the end of 2026, up from roughly $4,600 on August 25.
- Central banks diversifying reserves away from foreign currencies remains the primary driver Goldman’s analysts cite, describing it as a multi-year trend rather than a short-term trade.
- Morgan Stanley Research points to permitting and regulatory bottlenecks as the reason a capital-investment super-cycle among gold producers is unlikely.
- Lake Victoria Gold Ltd. has completed initial road repairs and advanced earthworks at its fully permitted Imwelo Gold Project in Tanzania, though the project still lacks a current NI 43-101 feasibility study.
Gold Price Milestones and Forecast for 2026
Gold’s 2026 has been defined by extremes rather than a steady climb, breaking through the $5,000 mark for the first time in January before whipsawing sharply in both directions. The metal touched an intraday record above $5,500, then retreated below $4,000 by late June, only to rally again in the months that followed.
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