Gold (XAUUSD) is up by 55% this year and is on track for its best year since 1979. Several factors have contributed to the precious metal’s rise, such as tariffs, geopolitical uncertainty, ETF inflows, and of course, elevated central bank demand.
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Central banks likely continued to buy up gold in November, according to Goldman Sachs. During the third quarter, central banks scooped up 220 tons of gold, up by 28% quarter-over-quarter, according to the World Gold Council. As of September, central banks have added 634 tons of gold to their reserves.
Gold to Reach $4,900 in 2026, Says Goldman
Goldman points out that central banks, especially in emerging markets, have increased their pace of gold buying by nearly fivefold since 2022. The firm expects the trend to continue for three more years.
“We view this as a structural shift in reserve management behavior, and we do not expect a near-term reversal,” wrote analyst Lina Thomas.
Goldman expects the price of gold to reach $4,900 per troy ounce by the end of 2026, signaling upside of 21% from current levels.
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