Goldman Sachs Cuts End-2026 Gold Forecast to $4,150/oz

The signal here is the direction of the revision rather than the levels: a major bank trimming its gold targets implies its macro or demand assumptions have shifted, and that carries weight because sell-side forecasts help frame how institutions position around the metal. The note gives no reasoning, so the substance behind the cut is unknown. Whether other banks follow with similar downgrades, and what Goldman cites when it elaborates, is the open question worth watching.