Goldman Sachs survey indicates that gold could surpass $5,000 per ounce by 2026

Source: CritpoTendencia Original Title: Goldman Sachs survey indicates that gold could exceed $5,000 per ounce in 2026 Original Link: A recent institutional survey by Goldman Sachs has raised expectations for the gold market for the coming year. According to the survey, a significant portion of large investors believes it is possible for the price of gold to set a new historical high above $5,000 per ounce by the end of 2026.

This optimism is supported by structural trends, demand for safe-haven assets, and the strategic positioning of central banks.

Key factors behind the bullish momentum of gold

Gold has shown remarkable appreciation during 2025, with annual gains exceeding 60%, breaking technical barriers and reaching levels not seen in decades. The main drivers of this surge have been continuous purchases by central banks, which seek to protect themselves against the fiscal risk of advanced economies and a possible prolonged depreciation of the US dollar.

The environment of low or negative interest rates, along with global inflationary pressures, has increased the appeal of gold as a store of value and a hedge against systemic risks. This is compounded by the increase in physical demand and the growth of inflows into exchange-traded funds backed by the metal, consolidating the narrative of an extended bullish cycle.

The Goldman Sachs survey indicates that institutional appetite for gold remains strong, with numerous managers adjusting their tactical exposure in light of the macroeconomic context.

Investor Projections and Market Dynamics

The survey, conducted with more than 900 institutional clients through Goldman Sachs' Marquee platform, shows that 36% of participants expect gold to exceed $5,000 per ounce by the end of 2026.

Another relevant group predicts that the price will remain in a range between $4,500 and $5,000, while a minority estimates a correction towards levels close to $4,000, based on changes in the monetary policy of the United States or movements of capital towards other assets.

The U.S. bank highlights that, even in conservative scenarios, the structural support for gold remains strong. The combination of official purchases, institutional capital inflow, and geopolitical tensions provides a favorable framework for elevated prices in the medium term.

Risks and considerations for the global financial sector

Despite the optimism of the survey, analysts at Goldman Sachs warn that the trajectory of gold will depend on factors such as the evolution of interest rates, the performance of the dollar, and the macroeconomic stability of the United States and the eurozone. An unexpected monetary tightening or a marked appreciation of the dollar could limit the anticipated rise.

For institutional investors and diversified portfolio managers, gold is consolidating as a strategic component in risk management and hedging against extreme events.

However, the volatility of the market and potential changes in the global asset allocation necessitate close monitoring of monetary and macroeconomic signals, as well as evaluating the appropriate level of exposure within each strategy.