Goldman Sachs sees gold reaching US$4,000 by mid-2026

  • expects gold to climb to US$3,700 per ounce by the end of 2025

Goldman Sachs highlights the following drivers:

  • Central banks and institutions bought an average of 77 tonnes of gold per month between January and May 2025

  • This pace is slightly below Goldman’s earlier projection of 80 tonnes per month by mid-2026 in the London OTC market

  • In May alone, total purchases reached 31 tonnes (excluding the U.S.), with China the most prominent buyer, adding 15 tonnes

  • Also notes that fund net positions in gold have eased from April highs, opening more room for sustained buying from ETFs and central banks

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Source: Forex Live