Goldman Sachs Forecasts Gold at $4,900/oz by 2026 on Strong Central Bank Demand and Hidden China Buys

Goldman Sachs analysts Lina Thomas and Daan Struyven forecast gold reaching $4,900 per ounce by end-2026, fueled by heavy central bank buying. Their nowcast estimates 44 tonnes purchased in July, with China acquiring 35 tonnes—well above official reports. The firm expects average monthly central bank purchases of 50 tonnes in 2026 and 40 tonnes in 2027. This structural demand, paired with potential ETF inflows, backs the bullish view, though options hedging may heighten volatility. Should the Fed hike rates, prices could fall to $4,440 per ounce by late 2026. Bank of England data showing a 63-tonne rise in holdings points to even more unreported sovereign purchases.