BlockBeats news, March 31, despite recent sell-offs in the gold price, Goldman Sachs still maintains its bullish outlook on gold and predicts that by the end of 2026, gold will regain its upward momentum.
Analysts Lina Thomas and Daan Struyven stated in the report that the medium-term outlook for gold remains solid. Due to continued central bank gold purchases worldwide and the expected two more rate cuts in the US this year, the gold price is forecasted to reach $5,400 per ounce. They pointed out that in the short term, gold still faces “tactical downside risks”; if energy supply shocks worsen further, the gold price could fall to $3,800 per ounce. Nevertheless, if the Iran conflict prompts countries to accelerate the reduction of “traditional Western assets” and pursue diversified allocations, the upside potential for gold remains significant.
The report also mentioned that concerns about some central banks potentially selling gold to support their local currencies are unlikely to materialize. Gulf countries are more inclined to intervene by reducing holdings of U.S. Treasuries. Assuming no additional private sector investments, analysts expect medium-term price volatility to ease, which would allow official sector gold purchases to accelerate again, with an average of about 60 tons bought per month. (Jin10)
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