Goldman Sachs Cuts Gold Price Forecasts as Hawkish Federal Reserve Weighs on Demand - Yahoo Finance

AI desk brief

Goldman Sachs cut its end-2026 gold target to $4,150/oz from $4,650 and end-2027 target to $4,800 from $5,400, citing a hawkish Fed outlook that assumes a December rate increase. The bank expects hedge demand to normalize and gold-call demand to moderate, potentially weakening investment support. Central-bank buying remains the counterweight: Goldman forecasts 60 tonnes monthly through 2026–27, versus 17 tonnes before 2022, and estimates recent purchases at 85 tonnes monthly on a seasonally adjusted three-month average. It retains a constructive longer-term view, attributing most of its projected 15% upside by end-2027 to structurally strong official demand.