Gold Price Will Hit $4,900/Oz In 2026 On Strong Sovereign Demand As China Buys 75% More Than Reported In July – Goldman Sachs

Goldman Sachs maintains its forecast for gold to reach $4,900 per ounce by the end of 2026, citing continued strong central-bank demand and reserve diversification. The bank estimates that central banks purchased 44 tonnes of gold in July, while China’s purchases were estimated at 35 tonnes, nearly twice the amount reported in its official disclosures. Goldman also sees potential for prices to rise above its forecast if private investment and demand for gold derivatives increase, though it warns that renewed expectations for higher interest rates could create sharper volatility.