Gold’s strong rally this year is shaping investor expectations for further gains, with a Goldman Sachs survey showing that 36% of institutional clients expect the metal to reach $5,000 per ounce by the end of 2026. Gold has climbed nearly 59% year-to-date and surpassed $4,000 for the first time in October, supported by central bank buying and broad safe-haven demand.
The poll of more than 900 investors found that over 70% anticipate higher prices next year, with 33% forecasting a range between $4,500 and $5,000. Only a small minority expect a pullback toward $3,500 to $4,000. Respondents cited central bank purchases as the primary driver, followed by fiscal concerns and macroeconomic uncertainty.
Spot gold reached a two-week high on Friday as expectations for Federal Reserve rate cuts strengthened. Investors are also increasing exposure to miners, with firms such as Newmont and Snowline Gold drawing renewed interest amid rising consolidation in the sector.
