Gold’s explosive 2025 rally has drawn widespread attention across global markets – and a new Goldman Sachs survey shows many institutional investors believe the metal’s surge is far from over. According to the bank, a large share of market participants now expect gold to reach a fresh all-time high of $5,000 per troy ounce by the end of 2026, with many forecasting that milestone even sooner.
Gold has already climbed 58.6% year-to-date, breaking decisively above the $4,000 barrier for the first time on Oct. 8. In Goldman Sachs’ poll of more than 900 institutional clients on its Marquee platform, 36% of respondents – the largest group – expect gold to extend its momentum and top $5,000 by the end of next year.
Another 33% see prices rising to between $4,500 and $5,000. Overall, more than 70% of institutional investors surveyed anticipate higher gold prices in 2026, while only about 5% expect a pullback toward $3,500–$4,000.
rate-cut hopes and central bank demand support bullish sentiment
Gold prices hit a two-week high on Friday, supported by growing expectations of a Federal Reserve rate cut. Spot gold rose 0.45% to $4,175.50, while futures traded 0.53% higher at $4,187.40. When asked what is driving the metal’s surge, 38% of survey respondents cited central bank buying as the primary catalyst, with 27% pointing to fiscal concerns.
A wide range of investors – from retail buyers to hedge funds – have sought refuge in gold this year amid persistent inflation risks, geopolitical tensions and a softer U.S. dollar. Global central banks have also been net buyers, attracted to the metal’s liquidity, lack of default risk and neutral status in reserve portfolios.
bullish outlook extends into 2026
Phil Streible, chief market strategist at Blue Line Futures, said the macroeconomic backdrop remains firmly supportive. “The global economic outlook continues to support gold,” he told CNBC’s “Power Lunch,” noting the combination of slowing growth and rising inflation across multiple countries. This environment, he added, could sustain the rally into 2026.
investors rotate into miners as the rally accelerates
The bullish narrative has also spilled over into the mining sector as investors search for leveraged exposure to the metal. Stephen Yiu of Blue Whale Capital recently told CNBC he is backing Newmont, the world’s largest gold miner.
Meanwhile, Muddy Waters Capital founder Carson Block – typically known for short selling – made a rare long call on Canadian junior miner Snowline Gold at the Sohn London conference, arguing that the company could be a compelling takeover target amid rising consolidation in the industry.
With institutional investors overwhelmingly optimistic and structural demand strengthening, the market’s focus is now shifting to how quickly gold could test the $5,000 threshold – not whether it will get there.
