Goldman Pushing $3,000 Gold Expectations to 2026

TradingKey – Goldman Sachs has postponed its $3,000 gold forecast to mid-2026, citing expectations that the Federal Reserve will implement fewer rate cuts.

Lina Thomas and Daan Struyven, analysts at Goldman Sachs, projected that gold prices would reach $2,910 an ounce by the end of the year. This is attributed to the Federal Reserve's anticipated slower pace of rate cuts, easing uncertainty surrounding the U.S. election, and weaker-than-expected ETF flows in December.

“Lower speculative demand has offset structurally higher central bank buying. However, increased central bank purchases will remain a key driver for gold prices in the long term. Looking ahead, monthly buying is expected to average 38 tons by mid-2026,” the analysts noted.

Recently, gold prices have faced pressure as Federal Reserve officials highlighted concerns about inflation potentially heating up again, emphasizing the need for prudence in rate cuts.

Goldman’s economists now anticipate a rate cut of 75 basis points this year, down from their previous projection of 100 basis points. The forecast is more modest than current market pricing, with the bank expressing skepticism that a "Trump 2.0" scenario would lead to higher inflation.