Goldman Sachs survey indicates that gold could surpass $5,000 per ounce in 2026

Source: CritpoTendencia Original Title: Goldman Sachs survey indicates gold could surpass $5,000 per ounce in 2026 Original Link:

A recent institutional survey by Goldman Sachs has raised expectations for the gold market in the coming year. According to the survey, a significant portion of major investors considers it possible that the price of gold could set a new all-time high above $5,000 per ounce by the end of 2026.

This optimism is supported by structural trends, safe-haven asset demand, and the strategic positioning of central banks.

Key factors behind gold’s bullish momentum

Gold has demonstrated remarkable appreciation in 2025, with annual gains exceeding 60%, breaking through technical barriers and reaching levels not seen in decades. The main drivers of this rally have been continued central bank purchases, as they seek protection against fiscal risk in advanced economies and the potential for a prolonged depreciation of the US dollar.

The environment of low or negative interest rates, coupled with global inflationary pressures, has increased gold’s appeal as a store of value and a hedge against systemic risks. Added to this is the rise in physical demand and growth in flows to exchange-traded funds backed by the metal, reinforcing the narrative of an extended bull cycle.

The Goldman Sachs survey indicates that institutional appetite for gold remains strong, with numerous managers adjusting their tactical exposure in response to the macroeconomic context.

Investor projections and market dynamics

The survey, conducted with more than 900 institutional clients via Goldman Sachs’ Marquee platform, shows that 36% of participants expect gold to exceed $5,000 per ounce by the end of 2026.

Another significant group expects the price to remain in a range between $4,500 and $5,000, while a minority forecasts a correction towards levels near $4,000, depending on changes in US monetary policy or capital shifts to other assets.

The US bank highlights that, even in conservative scenarios, the structural support for gold remains solid. The combination of official purchases, institutional capital inflows, and geopolitical tensions provides a favorable framework for elevated prices in the medium term.

Risks and considerations for the global financial sector

Despite the optimism in the survey, Goldman Sachs analysts warn that gold’s trajectory will depend on factors such as interest rate developments, the dollar’s performance, and macroeconomic stability in the US and eurozone. Unexpected monetary tightening or a marked appreciation of the dollar could limit the anticipated rise.

For institutional investors and diversified portfolio managers, gold is consolidating as a strategic component in risk management and as a hedge against extreme events.

Nevertheless, market volatility and possible changes in global asset allocation require close monitoring of monetary and macroeconomic signals, as well as careful assessment of the appropriate level of exposure within each strategy.