Gold Surpasses $4,900 as Goldman Sachs Raises 2026 Forecast to $5,400 - GC=F

Gold futures surged past $4,900 per troy ounce on January 22, 2026, marking a new record high amid heightened demand from private investors and geopolitical tensions. Goldman Sachs raised its year-end 2026 price target for gold to $5,400 from $4,900, citing accelerating portfolio diversification into the metal by private-sector buyers. The bank’s analysts noted that while central bank purchases supported gains in 2023 and 2024, the rally accelerated in 2025 due to competition between institutions and private investors through ETFs, driven by Federal Reserve rate cuts. The “debasement theme” also boosted prices, with high-net-worth individuals increasing physical gold holdings and call option activity rising. Gold has risen about 11% year to date, building on nearly 65% gains in 2025. UBS maintains a $5,000 price target, with upside risks to $5,400 if tensions escalate.