🎙️ podcast Analysis • January 20, 2026 • Goldman Sachs Exchanges

Goldman Sachs 2026 Outlook: Gold Targets $4,900 as Central Bank Demand Accelerates

Precious Metals
Tickers
1 Pick
Conviction HIGH
Risk Profile 1.1/10 (LOW RISK)
Horizon 12 months
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Signal Snapshot Core Theme: Precious Metals

Gold rally driven by momentum and speculation

Central banks permanently diversifying from dollar reserves

Fed cuts; EM central bank purchases

Executive Summary

Goldman Sachs commodities research maintains gold as their highest conviction trade for 2026, targeting $4,900 (+10% upside) driven by two structural forces that powered 2025's phenomenal run. Don Stroyven, co-head of Global Commodities Research, identifies persistent central bank demand as 'the new normal' since Russia's reserves were frozen in 2022, fundamentally altering sovereign asset allocation. The PBOC and other emerging market central banks continue aggressive gold accumulation to reduc...

Key Investment Opportunity

Gold Exposure via GLD

Goldman's highest conviction commodity trade targeting $4,900 on structural central bank demand and Fed easing cycle

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