Goldman Sachs Sees Central Banks Buying 60 Tons Monthly, Gold to $5,400
Goldman Sachs analysts forecast central banks will buy 60 tons of gold monthly in 2026, up from a 12-month moving average of 50 tons in March, supporting price recovery. The bank maintains a year-end gold target of $5,400 an ounce after China’s central bank added 260,000 ounces in April.
1. Central Bank Gold Demand Forecast
Goldman Sachs analysts project central banks will increase gold purchases to an average of 60 tons per month in 2026, a rise from a revised 12-month moving average of 50 tons in March, up markedly from 29 tons prior. The shift reflects strong diversification motives driven by geopolitical tensions and inflation concerns.
2. Gold Price Outlook and PBOC Activity
The bank reaffirms a year-end gold price target of $5,400 an ounce, citing recovering demand and supply dynamics. China’s central bank bolstered the outlook by adding 260,000 ounces in April, marking its 18th consecutive month of net purchases.