Goldman Sachs Cuts 2026 Year-End Gold Price Target to $4,900 from $5,400

According to Goldman Sachs, the bank cut its gold price forecast for the end of 2026 to $4,900 per ounce, down from its previous target of $5,400. The revision reflects a more hawkish Federal Reserve outlook and lower expectations for interest rate cuts, with the bank now expecting rate cuts to begin in June and December 2027 rather than late 2026.

Higher interest rates weigh on gold prices because the metal does not generate income, making yield-bearing assets more attractive to investors. Despite the downward revision, Goldman Sachs maintains a structurally constructive long-term outlook, supported by continued central bank purchases and gold's role as a portfolio hedge.