Goldman Sachs has increased its gold price forecast for December 2026 to $4,900 per troy ounce, up from $4,300, citing persistent inflows that have driven a 17% rally since late August.
The gold rally continued amid political uncertainty on Tuesday, adding 0.7% to reach about $4,003 per ounce.
“Western ETF inflows and likely central bank buying are sticky in our pricing framework, effectively lifting the starting point of our price forecast,” Goldman's analysts wrote in a note.
Despite the higher starting point, Goldman expects the total price increase by the end of 2026 to remain roughly unchanged at 23%.
Central bank purchases are forecast to average 80 tons in 2025 and 70 tons in 2026, as emerging market institutions continue diversifying their reserves into gold, contributing 19 percentage points to the projected increase.
Western ETF holdings are expected to rise further if the Federal Reserve cuts the funds rate by 100 basis points in mid-2026, adding 5 percentage points to the forecast, while speculative positioning is likely to normalize, reducing the impact by 1 percentage point.
Goldman Sachs noted that risks to the forecast are still skewed to the upside, as private sector diversification into the relatively small gold market may push ETF holdings higher than expected.
Proactive’s top gold sector picks:
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) is advancing its portfolio of precious metals projects across the southwestern United States. At its Philadelphia Project in Arizona, the company reported its highest-grade and thickest gold intercept to date, with hole PC25-156 returning 9.04 grams per tonne (g/t) gold and 34 g/t silver over 20.43 meters from 320.73 meters depth. Meanwhile, Arizona Gold & Silver announced plans to advance the Silverton gold-antimony project in Nevada, submitting a Notice of Intent to drill 27 holes targeting quartz-antimony veins and a nearby geophysical anomaly.
- Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) is advancing its West African gold operations, delivering strong production and financial results in the first half of 2025. The company produced 647,000 ounces of gold at an all-in sustaining cost of $1,281 per ounce, a 38% increase over H1 2024, and announced a record $150 million dividend while remaining on track to meet full-year guidance of 1.11 to 1.26 million ounces at costs of $1,150 per ounce to $1,350 per ounce. Endeavour is also investing in growth, advancing the Assafou project toward a DFS in early 2026 and exploring nearby targets, with $51 million spent on near-mine resource expansion in the first half of 2025.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) is advancing its gold portfolio, including the Oko West Project in Guyana and the Gurupi Project in Brazil. The company recently reported strong drill results at Oko West, highlighted by 14 metres grading 4.38 grams per tonne (g/t) gold. This week, G Mining Ventures secured commitments for a financing package of up to US$537.5 million to support the development and construction of Oko West.
- North Bay Resources Inc. (OTC:NBRI) is advancing development at its Fran Gold Project in British Columbia, focusing on a massive sulphide surface zone rich in gold, copper, and silver. Initial test mining has extracted approximately 10 tons of high-grade ore, with assays up to 2.27 ounces per ton gold, and the company plans to expand extraction over the coming weeks for processing at its Bishop Gold Mill. The company is also moving forward with permitting a 10,000-tonne extraction permit to scale up operations and evaluate the potential for a small- or large-scale mine, alongside ongoing development of both high-grade oxide zones and the surrounding bulk tonnage deposit.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) is advancing its Cerro Caliche gold project in Sonora, Mexico, currently in the final permitting stage for a proposed open-pit, heap leach operation. Earlier this month, the company announced a fully-subscribed non-brokered private placement of 15 million units at CAD $0.20 each, raising CAD $3 million to fund ongoing development, an updated Preliminary Economic Assessment, and final payments to secure 100% ownership of the Cerro Caliche concessions. Each unit includes one common share and one warrant exercisable at CAD $0.28 for three years, with all proceeds also supporting the regional mining permit and related project costs.
- Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) is exploring and developing mineral projects across Nigeria, Senegal, and Burkina Faso. The company recently secured full ownership of the Douta Gold Project in Senegal, increasing its interest from 70% to 100% through a binding agreement with its joint venture partner, International Mining Company SARL. The acquisition involves a US$3 million cash payment and a 1.5% net smelter royalty capped at US$60 million.
- U.S. Gold Corp (NASDAQ:USAU) is advancing high-potential gold projects in Wyoming, Nevada, and Idaho. At its CK Gold Project in Wyoming, a fully permitted, advanced-stage gold-copper deposit, the company has begun pre-construction planning, engineering, and procurement activities following a robust Pre-Feasibility Study. The project is positioned for feasibility-level advancement in 2025, highlighting its potential to support domestic gold and copper production, job creation, and critical metals for clean energy technologies.