Goldman Sachs Keeps $4,900 End-2026 Gold Target, Sees Upside Net Risk

Goldman's decision to restate rather than revise its target matters less than the condition attached to it: the call rests on central-bank demand staying strong, which is the same variable that has driven gold's recent resilience. Flagging net upside risk while warning of wider two-way volatility is a notable combination — it suggests the bank sees the distribution of outcomes skewed higher but with fatter tails in both directions. Whether official-sector buying holds at recent pace is the open question for the metal's trajectory into 2026.