Gold has experienced a remarkable rally this year. A Goldman Sachs survey reveals that many investors believe the precious metal will reach a historic high of $5,000 per ounce by the end of 2026.
As of Monday, international spot gold has surged over 60% year-to-date, surpassing the milestone $4,000 per ounce mark for the first time on October 8.
Goldman Sachs conducted a survey from November 12 to 14 among more than 900 institutional investor clients on its Marquee platform. The results show that 36% of respondents—the largest group—expect gold to continue rising and break $5,000 per ounce by late 2026. Another 33% predict prices will climb to between $4,500 and $5,000 per ounce.
According to Goldman Sachs, over 70% of institutional investors anticipate further gold price gains next year. In contrast, just over 5% believe prices will retreat to the $3,500–$4,000 range within the next 12 months.
Buoyed by expectations of Federal Reserve rate cuts, gold prices hit a two-week high last Friday. Spot gold rose 0.45% to $4,175.50 per ounce, while gold futures gained 0.53% to $4,187.40. Analysts note that the Fed's continued monetary easing in 2026, coupled with moderate inflation recovery and political pressure for rate cuts, will support gold prices.
In the survey, 38% of respondents identified central bank gold purchases as the primary driver of price increases, while 27% cited fiscal concerns.
This year, investors ranging from retail traders to hedge funds have turned to gold—traditionally seen as a safe-haven asset—as a hedge against inflation risks, geopolitical tensions, and dollar depreciation.
Global central banks have also flocked to gold, attracted by its liquidity, default-free status, and neutral reserve asset characteristics. By November 2025, China had increased its gold reserves for 12 consecutive months, reaching 2,303.5 metric tons. Russia, India, and others have also accelerated purchases to optimize foreign reserve structures.
Daan Struyven, Goldman Sachs' co-head of global commodities research, stated in an October 27 podcast that gold is in a multi-year bull market. He projects prices will hit $4,900 per ounce by late 2026, citing sustained buying—especially by central banks—as the key driver.
Other Wall Street firms share this optimism. JPMorgan forecasts gold will exceed $5,055 per ounce in Q4 2026, while Morgan Stanley predicts $4,400 by year-end.
Phil Streible, chief market strategist at Blue Line Futures, believes gold's bull run could extend through 2026. "The global economic outlook continues to support gold prices," he told CNBC on November 20, noting many countries still face slowing growth and rising inflation.
Sprott Asset Management's November 2025 Precious Metals Report argues that structural drivers for gold remain intact, describing how investors are shifting from dollar-denominated bonds and inflation-sensitive stocks to precious metals and cryptocurrencies.
Some investors are targeting mining stocks to capitalize on gold's rally. Stephen Yiu, portfolio manager at Blue Whale Capital, recently expressed bullish views on Newmont, the world's largest gold miner, on CNBC. Meanwhile, short-seller Carson Block of Muddy Waters Capital surprisingly endorsed junior miner Snowline Gold at the Sohn London conference, calling it an attractive acquisition target amid industry consolidation. Snowline recently bolstered its appeal by securing full ownership of the Einarson project for $6.6 million in cash and stock.