Goldman Sachs recently highlighted findings from a new poll indicating that nearly 70% of global institutional investors believe gold prices will increase in the coming year.
The majority of responders—36%—predict that gold will exceed $5,000 per ounce by the end of 2026. Additionally, around a third of participants expect the price of precious metals to fall between $4,500 and $5,000 during the same timeframe. In contrast, just over 5% foresee prices dipping to between $3,500 and $4,000.
This survey, which gathered insights from over 900 clients via its Marquee platform, took place from November 12 to 14.
Interest Rate Cut
Thanks in part to ongoing central bank purchases and expectations of interest rate cuts, gold’s price has set multiple records this year, outperforming almost every major asset class. As of Friday afternoon, gold has risen about 61% year-to-date, now priced at $4,223.36, and it surpassed the $4,000 mark for the first time last month.
Goldman identified central bank gold purchases, as noted by 38% of respondents, as the primary factor driving gold’s ascent by 2026. Financial concerns came in second, cited by 27% of participants.
A report from Sprott Asset Management in November 2025 contended that the underlying forces propelling gold haven’t subsided. Investors are moving away from assets such as dollar-denominated bonds and stocks, which are vulnerable to currency devaluation, favoring precious metals and cryptocurrencies instead.
Bull Market
Daan Struiben, co-head of global commodities research at Goldman Sachs, mentioned during a podcast that we are currently experiencing a multi-year bull market. He anticipates gold will reach $4,900 by the end of 2026. Much of the rally, he explained, has been driven by continuous buying, especially from central banks, and he believes this trend will persist as investors diversify into gold.
Other Wall Street firms share this optimistic view. For instance, JPMorgan Chase forecasts that gold will hit $5,055 in the last quarter of 2026, while Morgan Stanley projects it will reach $4,400 by the end of next year.
