Gold: Central Banks Continue Their Buying Spree

Analysts at Goldman Sachs believe that central banks worldwide continued their significant gold purchases in November. This extends a multi-year trend of diversifying their reserves to hedge against geopolitical and financial risks, the analysts added.

According to the US major bank’s estimates, the so-called official sector purchased 64 tons of the yellow metal in September, following only 21 tons in August.

Gold to Reach $4,900 per Ounce by End of 2026

The Goldman Sachs analysts also reiterated their expectation that the gold price will reach the $4,900 mark by the end of next year. Furthermore, if private investors continue to diversify their portfolios by then, a further increase in the gold price is likely.

Currently, an ounce of the precious metal costs around $4,073. This puts gold up just over 55% since the beginning of the year. Geopolitical and economic uncertainties in recent months, along with the prospect of further interest rate cuts in the US, have primarily driven the yellow metal higher.

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