Gold price today are back in the spotlight after Goldman Sachs affirmed its bullish medium to long term outlook. The global investment bank believes its gold price target of US$4,900 per ounce by the end of 2026 still holds potential for further upside, especially if the trend of investor diversification expands from central banks to the private sector.
We forecast an additional price increase of nearly 20% through the end of 2026, with our forecast reaching $4,900 per troy ounce by the end of 2026
When discussing gold price today, Goldman highlighted one important fact: gold’s position in global portfolios remains relatively low. This means there is still ample room for new capital inflows. Even a small shift from retail and institutional investors to gold is considered to have a significant impact, as the gold market is much smaller than the global bond market.
This condition means that gold price movements today are not only determined by short-term sentiment, but also by structural changes in global diversification strategies.
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Goldman Sachs identifies two key drivers supporting gold’s prospects through 2026. The first is the structurally higher central bank purchases since Russia’s reserve freeze in 2022. This event served as a wake-up call for many developing countries to reduce their dependence on the US dollar and increase their physical gold reserves.
The second driver is the Fed’s interest rate cut cycle. When interest rates fall, non-yielding assets like gold become more attractive, especially through ETFs. Goldman estimates that total interest rate cuts could reach 75–100 basis points through the first half of 2026, potentially continuing to support the gold price today and its future movement.
According to Goldman, the most compelling scenario is not simply central bank purchases, but rather if diversification extends to private sector investors. With the global gold ETF market being tens of times smaller than the US Treasury market, even a small allocation from bonds to gold could drive a significant surge in the gold price today.
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This is why gold is now Goldman Sachs’ primary “long commodity” recommendation, both in normal economic scenarios and when the market faces fiscal risks, policy uncertainty, or central bank independence issues.
As interest in gold increases, investors are also faced with a choice of instruments. Goldman notes that gold futures trading offers very high liquidity and lower management fees than ETFs. However, ETFs remain the primary gateway for retail investors to respond quickly to gold price today movements, albeit with the consequence of higher costs and taxes.
Geopolitical Aspects Affecting on Gold Price Today
1. Extended Conflict Becomes Systemic Risk
By 2026, global markets had shifted from responding to violence as a short-term shock. Extended hostilities in the Middle East and Eastern Europe were starting to be seen as a long-term issue rather than a passing fad. Investors began to pay more attention to wider cascading impacts, such disruptions to global supply chains and energy security, rather than the immediate military impact. Gold once again plays a strategic role when important trade channels are consistently threatened, both as a long-term diversification tool for institutional investors and as a short-term hedge.
2. The Implementation of BRICS+ and Dedollarization
It is anticipated that by 2026, the BRICS+ allies’ dedollarization efforts will have progressed from political rhetoric to actual implementation, especially with regard to alternative payment methods. Central banks in developing nations will continue to have a high demand for actual gold if energy commerce, especially oil, starts to be settled in currencies backed by commodities or gold. Because it is based on the nation’s purchasing power rather than just market speculation, this structural buying flow provides a buffer beneath the price of gold, making it comparatively resistant to severe downward pressure.
Gold price today is not just a daily figure, but a reflection of a major shift in how investors and central banks view gold. With a target of US$4,900 by 2026 and risks still tilted to the upside, gold remains a strategic asset in an uncertain global landscape.
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