Gold price: Two major banks, two scenarios - who will be right? - Shanghai Metals Market

AI desk brief

Goldman Sachs cut its end-2026 gold target by $500 to $4,150/oz and its end-2027 target by $600 to $4,800, assuming a December 2026 Fed hike; Standard Chartered retains $4,650 for year-end 2026 and sees $4,000 support. Goldman expects central-bank buying of 60 tonnes monthly in 2026–27, versus 17 before 2022, but official demand need not immediately offset speculative selling. It expects Western ETF inflows to resume only once rate cuts begin in H2 2027–early 2028. The source says bullish confirmation depends on renewed responsiveness to falling US yields and a weaker dollar, easing forced liquidations and stabilizing call options.