Goldman Sachs Projects Record Highs for Gold Through 2026

Central Bank and Structural Demand

Goldman Sachs analysts emphasize that structurally high demand from central banks remains a primary pillar for gold's valuation. In their latest note published this Friday, they suggest that while cyclical support from U.S. Federal Reserve policy shifts is important, the broader move by global institutions to diversify away from traditional fiat reserves is providing a permanent floor for prices. This institutional appetite is expected to continue through 2026, shielding gold from deeper corrections.

Market Performance and Technicals

Spot gold was trading at $4,334.93 per ounce as of Thursday's close, showing relative resilience even as other commodities face volatility. While short-term fluctuations are linked to U.S. economic data and dollar strength, the technical outlook remains positive. Analysts see any dips toward the $4,300 level as buying opportunities for institutional players, with the market increasingly focused on the $4,900 target for the next 24 months.