Goldman Sachs Cuts Gold Targets While Keeping Long-Term Bullish View

Goldman Sachs cut its year-end 2026 gold forecast to $4,150 an ounce from $4,650 and its end-2027 target to $4,800 from $5,400 in its Nov. 5 report, while retaining a long-term bullish view.

Analysts Lina Thomas and Daan Struyven said the bank expects central banks to continue buying gold heavily. They also expect concerns about the security of foreign-exchange reserves to persist and U.S. interest rates to eventually decline. Goldman Sachs cited those factors in maintaining its longer-term positive outlook.

Stephen Innes, a macro strategist focused on foreign exchange and commodities, interpreted the revisions as a shift in the sources of gold demand. He said restrictive Federal Reserve policy is weakening private investors’ appetite, particularly among leveraged traders and options-based speculators, even as central banks continue buying.