Goldman Sachs has raised its gold price forecast for December 2026 to $4,900, due to strong demand from ETFs and central banks.

Goldman Sachs has revised its gold price forecast for December 2026, raising it from $4,300 to $4,900 per ounce, citing strong ETF fund flows and central bank purchases. Gold has risen by 51% this year, supported by central bank demand and retail investor interest. Analysts expect central banks to continue diversifying their reserves into gold, and Western ETF holdings to increase amid the Federal Reserve's interest rate cuts.