Precious metal Goldman Sachs raises forecast for gold price to 5400 dollars
In view of geopolitical trouble spots, Goldman Sachs still sees considerable upside potential for the gold price even after the recent record rally. The experts at the US investment bank have raised their forecast for the end of 2026 to USD 5400 per troy ounce.
22.01.2026, 12:16
SDA
Goldman Sachs had previously set a target of USD 4900 for the end of 2026. Goldman Sachs experts see demand from private investors who want to hedge against geopolitical risks by buying gold as a prerequisite for a price rise above USD 5,000.
In addition, purchases by central banks are likely to continue to ensure brisk demand. Despite high prices, central banks in emerging countries continue to rely on gold to make themselves less dependent on the US dollar.
The price of gold recently reached a record high of 4888 dollars per ounce on Wednesday. By midday on Thursday, it stood at 4823 dollars on the London Metal Exchange.
US interest rate policy remains a price driver
Gold was already one of the most sought-after asset classes last year. The price rose by 65 percent, the most since 1979. Last year's price drivers were not least the many trouble spots around the world.
The interest rate policy of the US Federal Reserve also remains an important price driver. Recent interest rate cuts have increased demand for gold. Goldman Sachs expects a further easing of the US Federal Reserve's monetary policy over the course of the year.
Accordingly, the key interest rate is likely to be lowered by a total of 0.50 percentage points. As gold does not yield any market interest, falling interest rates on government bonds, for example, will increase demand for the precious metal.
