ExclusiveGoldman Sachs Says Gold Prices Could Surpass $4,000 if Investors Ramp up Buying

Goldman Sachs said gold prices could surge well above its $4,000 per troy ounce baseline by mid-2026, should private investors diversify more heavily into the metal. Spot gold prices hit a record high of $3,578.50 per ounce on Wednesday, on expectations of a US Federal Reserve interest rate cut later this month, while lingering global uncertainties kept safe-haven demand firmly in play. Gold remains our highest conviction-long recommendation, Goldman Sachs said in a note dated Wednesday. It forecasts gold prices at $30,700 by the end of 2025, and $4,000 by mid-2026, assuming strong central bank buying. However, this baseline view does not factor in a major shift by private investors out of US dollar assets into gold, a scenario that could push prices to as high as $4,500 per ounce.