Goldman Sachs Forecasts Gold at $4,900 Amid Hidden China Demand

Key Facts

1Goldman Sachs forecasts gold prices to reach $4,900 per ounce in 2026 driven by strong sovereign demand.

2The bank estimates China is purchasing 75% more gold than officially reported in July.

Amid a structural shift in how central banks manage foreign reserves, Goldman Sachs has issued a bullish outlook for the precious metal. According to reports, the bank forecasts gold prices to reach $4,900 per ounce by 2026, driven by robust sovereign demand. Analysts estimate that China's actual bullion purchases were 75% higher than officially reported in July, suggesting a significant underestimation of global demand floors.

This forecast arrives as market data shows varied performance across major financial institutions. Goldman Sachs (GS) shares closed at $949.49 on September 22, 2026. Per market data, peer bank JPMorgan (JPM) closed at $337.62 on September 23, 2026, while Morgan Stanley (MS) finished at $200.21 on September 22, 2026. These price levels reflect the broader banking sector's positioning relative to shifting capital flows and commodity price targets.

Looking ahead, investors are watching GS price levels after it hit a day low of $936.78 on September 22, 2026. With the Fed interest rate held at 4% following the September 16 decision, the focus remains on whether sovereign buying continues at this accelerated pace. While the upcoming calendar shows no immediate Chinese trade data releases, the discrepancy between reported and estimated gold holdings remains a critical catalyst for long-term price action.