Goldman Sachs expects the gold market’s structural bid to remain intact through 2026, driven primarily by central bank demand and a more cyclical pickup in private investor participation tied to the Fed easing cycle. In its 2026 outlook, Goldman says it expects central bank gold buying to re-accelerate at the pace seen in 2025, even under a conservative base case that assumes no additional private-sector diversification beyond what is already embedded in current flows. In other words, the bank’s base case does not rely on a fresh wave of private actors rotating reserves or portfolios into gold; it assumes ... (full story)