Goldman Sachs eyes $5,400 gold
- Goldman Sachs kept its end-2026 gold target at $5,400 an ounce after March’s sharp selloff, saying the medium-term bull case still holds. - The bank’s call rests on roughly 60 tonnes of monthly central-bank buying, light investor positioning, and expectations for two more Fed cuts. - The point is upside with turbulence — great for patient holders, trickier for leveraged traders who have to survive the path.
Gold is the story here — not because Goldman Sachs suddenly discovered it, but because the bank is sticking with an unusually aggressive target after a nasty shakeout. Goldman had already lifted its end-2026 forecast to $5,400 an ounce in January. Then gold sold off hard in March, and instead of backing away, the bank kept the target. That is the actual news: the destination stayed the same even after the road got uglier. ### What exactly did Goldman do? Goldman first raised its year-end 2026 gold forecast to $5,400 from $4,900 in late January 2026. In a note after the March drop, analysts including Daan Struyven and Lina Thomas said the medium-term outlook was still intact and reiterated that same $5,400 level. So it. ### Why didn’t the selloff kill the thesis? Basically, Goldman is separating short-term positioning from long-term demand. The bank’s view is that some fast-money and event-driven trades got unwound during the March turbulence, but the structural buyers did not disappear. That distinction matters more like a flush-out than a broken trend. ### Who is the structural buyer? Central banks are the big one. Goldman’s bullish case leans on official-sector buying staying strong — around 60 tonnes a month in 2026 in the reporting around the note. The other support is private investment demand, especially if lower US rates make non-yielding assets like gold more attractive. Gold doesn’t pay interest, so rate cuts reduce the opportunity cost of holding it. ### Why do Fed cuts matter so much? Because gold competes with cash and bonds for attention. When rates are high, investors can get paid to sit in safer interest-bearing assets. When the Fed cuts, that advantage shrinks. Goldman’s note tied part of the upside case to expectations for two more cuts that could contradict the bigger move higher. ### So why the warning about volatility? Because even a bullish forecast can be miserable to trade. Goldman’s message, as it has been relayed in
