LONDON (Realist English). Gold is on track for another historic year, and a new Goldman Sachs survey shows many institutional investors now expect the metal to surge to $5,000 per ounce by the end of 2026.
According to the poll of more than 900 Goldman clients, 36% — the largest group — believe gold will break above the $5,000 threshold next year, while an additional 33% forecast a rise to between $4,500 and $5,000. Fewer than 6% expect prices to retreat toward $3,500–$4,000.
The bullish sentiment follows a dramatic 58.6% year-to-date rally, with gold crossing the $4,000 mark for the first time on October 8. On Friday, spot prices climbed to $4,175.50, while February 2026 futures traded at $4,187.40.
Investors cited central bank buying (38%) and fiscal concerns (27%) as the primary drivers of the metal’s continued surge. Global central banks have been stockpiling gold at record levels, drawn by its neutrality, liquidity and insulation from default risk, while fund managers and retail buyers have turned to bullion as a hedge against inflation, geopolitical volatility and a weakening dollar.
Analysts expect the rally to extend into 2026. Blue Line Futures strategist Phil Streible told CNBC that slowing global growth combined with persistent inflation continues to favor gold.
Some investors are taking positions in miners as leveraged exposure to the commodity. Blue Whale Capital has backed Newmont, while Muddy Waters founder Carson Block revealed a rare long position in junior explorer Snowline Gold, calling it a likely takeover target amid sector consolidation.
Goldman Sachs said more than 70% of institutional investors anticipate higher prices next year, reinforcing expectations that the metal’s record-breaking momentum is far from over.
