Gold prices paused near record highs on Thursday as easing tensions over Greenland lifted risk appetite, even as Goldman Sachs raised its end-2026 gold price forecast to $5,400 per ounce, one of the most bullish calls on Wall Street.
Spot gold slipped 0.2% to $4,825, after hitting an all-time high of $4,887.82 a day earlier. Despite the pullback, bullion is already up more than 12% in 2026, extending last year’s powerful rally.
Goldman said rising private-sector demand and central bank buying are reshaping the market. The bank expects emerging market central banks to buy an average of 60 tonnes of gold in 2026, as they continue diversifying reserves away from the dollar.
“We assume diversification buyers don’t liquidate their holdings in 2026,” Goldman wrote, effectively lifting its long-term price outlook.
Other banks are also turning more bullish:
- Citi raised its short-term target to $5,000
- JP Morgan sees prices averaging above $5,000 by late 2026
- Commerzbank now targets $4,900
| Brokerage / Agency | Annual Price Forecast (2026) | Price Targets | Forecast as of |
|---|---|---|---|
| Goldman Sachs | – | $5,400 by December 2026 | January 22, 2026 |
| Morgan Stanley | $4,400 | $4,500 by mid-2026 | October 31, 2025 |
| Citi Research | $5,000 | Raises 0–3 month target to $5,000 | January 13, 2026 |
| JP Morgan | $4,753 | Average $5,055/oz by Q4 2026 | October 23, 2025 |
| HSBC | $4,587 | $4,450 per ounce by year-end 2026 | January 8, 2026 |
| ANZ | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
| Bank of America | $4,438 | 2026 outlook raised to $5,000 | October 13, 2025 |
| Societe Generale | $4,716 | $5,000 by the end of 2026 | October 13, 2025 |
| Standard Chartered | $4,488 | – | October 13, 2025 |
| Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
| Deutsche Bank | $4,450 | Range $3,950–$4,950/oz in 2026 | November 26, 2025 |
| UBS | $3,825 | Could push gold toward $4,700 if real rates fall | October 16, 2025 |
The short-term pause came after President Trump backed away from tariff threats over Greenland and ruled out using force, easing safe-haven demand. A firmer dollar and fading hopes for near-term US rate cuts also weighed on prices.
Still, analysts say the bigger trend remains firmly upward.
“The overall trend remains positive, and prices above $5,000 look possible even in the short term,” said Henrik Marx of Heraeus Precious Metals.
Silver and platinum also cooled slightly after hitting record peaks earlier this week, but both remain near historic highs.
With geopolitics, central bank buying, and AI-driven uncertainty still in play, many investors believe gold’s rally may be far from over.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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