Goldman Sachs: Central Bank Gold Purchases Are Accelerating

Goldman Sachs suggested that central bank gold purchases will accelerate in the coming period, after a recent review by the bank showed that actual demand was stronger than previous estimates due to gaps in official trade data.

The bank explained that it has raised its estimates for central bank purchases to approximately 50 tons per month, on a 12-month moving average basis, compared to just 29 tons under the previous methodology, reflecting a reassessment of the true volume of demand for the precious metal.

Goldman Sachs forecasts that central bank purchases will average around 60 tons per month during 2026, driven by countries' ongoing trend toward diversifying reserves amid escalating geopolitical uncertainty.

The bank noted that its previous estimates had understated the volume of demand since August 2025, after UK trade data stopped reflecting the full outflows of gold from London vaults, pointing to the existence of unregistered sovereign purchases.

Goldman Sachs emphasized that the underlying demand for gold remains robust, supported by central bank surveys and recent geopolitical developments, expecting continued demand support from official institutions and private sector investors over the medium term.

The bank renewed its forecast for gold prices to reach $5,400 per ounce by the end of 2026, while warning of short-term pressures should investors resort to selling liquid assets to secure cash during periods of market turmoil.