Goldman Sachs analysts stated in a research report that the price of gold could reach $5,400 per ounce by the end of 2026. The analysts noted that gold currently appears oversold, as speculative positioning is low and the market is pricing in policy tightening more aggressively than historical patterns suggest. Goldman Sachs economists continue to anticipate two interest rate cuts by the Federal Reserve in 2026, which the bank estimates could lift gold prices by approximately $120 per ounce. Meanwhile, central bank demand remains a key source of support for gold in the medium term, with Goldman Sachs predicting that central bank purchases may reaccelerate, averaging around 60 tonnes per month.