Gold’s historic rally has strengthened expectations of further gains next year, with a new Goldman Sachs survey showing that more than one-third of institutional investors believe prices will reach $5,000 per troy ounce by the end of 2026. The poll, conducted among more than 900 clients on the bank’s Marquee platform, found 36% of respondents forecasting the precious metal to surpass the milestone. Another 33% expect it to trade between $4,500 and $5,000.
Gold prices have surged nearly 59% so far this year, breaking above $4,000 for the first time in October and touching a two-week high on Friday. Spot prices rose 0.45% to $4,175.50, while futures climbed to $4,187.40 as expectations of a Federal Reserve rate cut added momentum.
Investors cited strong central bank buying as the biggest driver of gold’s ascent, followed by concerns over fiscal imbalances. More than 70% of those surveyed expect prices to rise further next year, while only 5% foresee a pullback.
Analysts say a combination of geopolitical tensions, inflation pressures and currency uncertainty has reinforced gold’s role as a safe-haven asset. Global central banks have continued to accumulate reserves, attracted by the metal’s high liquidity and lack of default risk. Market strategists, including Blue Line Futures’ Phil Streible, predict the bull run will extend into 2026 as weak global growth and rising inflation support demand.
Some investors are also turning to mining equities to capture upside. Blue Whale Capital has backed Newmont, the world’s largest gold miner, while Muddy Waters founder Carson Block recently disclosed a rare long position in Canadian junior miner Snowline Gold, citing consolidation opportunities in the sector.
