Goldman Sachs Trims End-2026 Gold Forecast to $4,650 While Maintaining $5,400 Target for 2027

Goldman Sachs lowered its year-end 2026 gold fair value estimate to $4,650 per ounce from $4,900, while maintaining its end-2027 target of $5,400 per ounce. The bank cited near-term pressure from Federal Reserve rate hikes that curb ETF inflows as spot gold trades near $4,300 per ounce. Earlier, Goldman projected prices reaching $4,900 by late 2026 on sovereign demand. Structural support persists, with central bank purchases near 90 tonnes monthly compared to the 17-tonne pre-2022 average, led by China purchasing an estimated 35 tonnes in July.