Goldman Sachs: Bullish on gold to reach $4,900 by 2026

PANews reported on December 19th that, according to the Trading Platform, Goldman Sachs stated in its latest 2025-2026 Commodities Outlook report that 2026 will be the last year of global oil supply volatility. The report predicts that a daily oversupply of 2 million barrels will cause Brent crude oil prices to fall to an average of $56 per barrel in 2026, bottoming out in the middle of the year.

Furthermore, Goldman Sachs reiterated its 2026 gold price forecast of $4,900, believing that global central bank gold purchases and Federal Reserve interest rate cuts will be the dual drivers of rising gold prices. Analysts point out that geopolitical risks and economic uncertainty are prompting emerging market central banks to accelerate their gold purchases, while potential entry by private investors could further push up gold prices. Goldman Sachs expects global central bank gold purchases to remain around 70 tons per month in 2026, while for every 1 basis point increase in private investor allocation, gold prices will rise by approximately 1.4%.