Goldman Sachs Raises Gold Target to $5,400 As Rally Gains Momentum

Goldman Sachs has raised its end-2026 gold price forecast to $5,400 per ounce, up from its earlier prediction of $4,900/ounce, citing private-sector and emerging-market central banks’ diversification into gold.

Moreover, the revision also reflects private investors diversifying away from fiat exposure. Spot gold has already climbed more than 11% in 2026, following a 64% surge last year, suggesting demand remains structural rather than speculative.

Spot gold climbed to a peak of $4,887/ounce on Wednesday.

Goldman Sachs expects central banks to average around 60 tons of gold purchases in 2026, reinforcing the idea that gold is increasingly traded as a reserve rather than a tactical hedge.

Gold Pauses Rally As Trump Signals Deal on Greenland

Gold prices were largely steady in Asian trade on Thursday after hitting a record high near $4,900 per ounce in the previous session, as U.S. President Donald Trump’s retreat from tariff threats tied to Greenland tensions reduced safe-haven demand.

Trump, speaking at the World Economic Forum in Davos, said he would not impose the tariffs and ruled out the use of force in the dispute over the Danish territory, signaling that a “framework” deal was in sight to resolve tensions with NATO allies.

Most other precious and industrial metals traded higher, with silver remaining near record highs on increased industrial demand.

Silver prices rose 1% to $94.03 per ounce, just below the record high of $95.89/oz reached earlier this week.

The crypto market also edged higher, rising over 1% to a market capitalization of $3.13 trillion, with BTC recovering above $90,000, according to Coingecko data.