New Delhi. After the record rise in gold-silver prices, a sudden decline has become dominant. Gold and silver futures on MCX are trading with a decline of 2 to 3 percent respectively. Earlier, on January 20 and 21, there was a tremendous rise in these precious metals for two consecutive days. Gold crossed Rs 1.5 lakh and silver reached above Rs 3 lakh 30 thousand. Amidst this ongoing decline in gold from record levels, the world's leading brokerage firm has given a big target price on gold.
Goldman Sachs has raised its gold price forecast by the end of 2026 to $5,400 an ounce from $4,900 an ounce. He said that the private sector and central banks of emerging markets are diversifying into gold.
Why did the brokerage give this big target on gold?
"We believe that private sector diversification buyers, whose purchases hedge global policy risks and which has driven a larger-than-expected increase in our price forecast, will not liquidate their gold holdings in 2026, pushing the starting point of our price forecast higher," brokerage firm Goldman Sachs said in a note on Wednesday.
Target of Rs 1 lakh 75 thousand
Goldman Sachs has increased its gold price forecast to $5,400 per ounce by the end of 2026, which means gold prices could go up to Rs 175,000 per ten grams. On January 21 itself, gold prices crossed the important level of Rs 1.5 lakh and hit a record high of Rs 1 lakh 55 thousand. On January 22, gold prices fell and were trading at the level of Rs 151000 on MCX.
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Goldman Sachs expects Western ETF holdings to increase as the US Federal Reserve may cut the funds rate by 50 basis points in 2026. The brokerage also expects central bank purchases to average 60 tonnes in 2026 as emerging market central banks continue to diversify their reserves into gold.
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