Goldman Sachs lowers its 2026 and 2027 gold price targets.

In a report released on November 5, Goldman Sachs analysts Lena Thomas and Dan Struvevin lowered their year-end 2026 gold price forecast to $4,150 per ounce from $4,650, and their year-end 2027 target price to $4,800 from $5,400. Goldman Sachs expects central banks to continue buying gold in large quantities, with concerns about the safety of foreign exchange reserves persisting, and declining US interest rates providing support for gold prices. Stephen Innes interprets this as follows: Central banks around the world continue to increase their gold holdings, but the Federal Reserve's continued restrictive monetary policy has weakened the purchasing willingness of private investors, especially speculative funds relying on leverage and options trading. In the gold market, leveraged funds are no longer willing to follow central banks in buying regardless of the costs.