Goldman Sachs sees gold reaching US$4,000 by mid-2026
- expects gold to climb to US$3,700 per ounce by the end of 2025
Goldman Sachs highlights the following drivers:
Central banks and institutions bought an average of 77 tonnes of gold per month between January and May 2025
This pace is slightly below Goldman’s earlier projection of 80 tonnes per month by mid-2026 in the London OTC market
In May alone, total purchases reached 31 tonnes (excluding the U.S.), with China the most prominent buyer, adding 15 tonnes
Also notes that fund net positions in gold have eased from April highs, opening more room for sustained buying from ETFs and central banks
