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According to a new Goldman Sachs survey, nearly 70% of global institutional investors expect gold prices to rise further next year, setting new records for the precious metal.
The poll was conducted through the bank’s Marquee platform between November 12 and 14. In the poll more than 900 clients shared their price expectations. The largest chunk of respondents (36%) believed that gold will climb above $5,000 per ounce by end-2026. While one-third expect prices to hover between $4,500 and $5,000.
Meanwhile, a very small share of respondents (over 5%) foresee a decline to the $3,500–$4,000 range.
The poll by Goldman Sachs noted that the prospect of interest-rate cuts and sustained central bank demand has already propelled the metal to multiple record highs this year. The precious metal is up around 61% year-to-date and is on track for its third consecutive year of double-digit gains after breaching the $4,000 mark for the first time last month.
Gold purchases by the central bank was identified by the participants of the survey as the biggest catalyst for further price gains in 2026 . Fiscal concerns, cited by 27%, emerged as the second-largest driver.
According to Sprott Asset Management’s November 2025 Precious Metals Report–the trend is supported by structural shifts. This highlights how investors are moving away from dollar-denominated bonds and currency-sensitive equities toward precious metals and cryptocurrencies.
Significantly, Daan Struyven, Goldman’s co-head of global commodities research had clearly indicated about the continued bullishness for the precious metal, saying ‘Gold is firmly in a multi-year bull market’. His remarks came during a podcast on October 27, 2025.
Other major Wall Street houses echo this upbeat outlook. JPMorgan Chase forecasts gold could hit $5,055 in the final quarter of 2026, while Morgan Stanley projects a rise to about $4,400 by the end of next year.