Goldman Sachs Reaffirms 2026 Gold Price Outlook of $4900

BlockBeats News, December 19, Goldman Sachs stated in its latest 2025-2026 Commodity Outlook report that 2026 will be the last year of global oil supply volatility. The market is expected to see Brent crude oil prices average $56 per barrel in 2026, hitting a mid-year low due to a daily oversupply of 2 million barrels.

Furthermore, Goldman Sachs reiterated its bullish forecast for the gold price in 2026, projecting it to reach $4900. They believe that global central bank gold purchases and Fed rate cuts will serve as dual drivers for the price increase. The analysis indicates that geopolitical risks and economic uncertainty are prompting emerging market central banks to accelerate their gold reserves, while potential entry of private investors may further boost the gold price. Goldman Sachs expects global central banks to maintain a monthly gold purchase volume of around 70 tons in 2026. Additionally, for every 1 basis point increase in private investors' allocation, the gold price is projected to rise by about 1.4%.