TechFlow news, on January 22, according to Jinshi Data, Goldman Sachs raised its year-end gold price forecast to $5,400 per ounce, citing sustained strong demand from private investors and central banks. Analysts including Daan Struyven wrote in a report that they have increased their target price for December 2026 from the previous $4,900 per ounce, expecting central banks to purchase 60 tons of gold monthly this year, while ETF holdings in gold are expected to continue expanding as the Federal Reserve cuts interest rates. They noted that central banks "have begun competing with private-sector investors for limited physical gold supply through traditional ETF investment channels." The report stated that their assumption of continued gold holdings by diversified private-sector investors, whose purchases could offset global policy risks, contributed to the upward revision in price forecasts. These investors are not expected to sell their gold holdings in 2026, effectively raising the starting point for the price projection. Julia Du, senior commodities strategist at ICBC Standard Bank, believes gold prices could rise to $7,150 per ounce.
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