Goldman Sachs lowers its 2026 year-end gold price target to $4,900, down from $5,400. According to Goldman Sachs, the bank has revised its gold price forecast for the end of 2026 to $4,900 per ounce, below the previous target of $5,400. This revision reflects a more hawkish outlook for the Federal Reserve and a downward adjustment in expectations for rate cuts; the bank expects rate cuts to begin in June and December 2027, rather than in the second half of 2026. Higher interest rates will put pressure on gold prices because this metal does not generate income, making income-generating assets more attractive to investors. Despite the downward revision, Goldman Sachs maintains its structurally bullish long-term outlook, citing ongoing central bank gold purchases and gold’s role as a hedge in investment portfolios.