According to Jin10 Data, Goldman Sachs Group does not expect gold prices to reach $3,000 per ounce by the end of this year, and has postponed this forecast to mid-2026. Analysts Lina Thomas and Dan Struven expect gold prices to hit $2,910 per ounce by the end of the year.
In December last year, ETF liquidity was weaker than expected due to the easing of uncertainty after the US election, resulting in a low starting point for pricing in the new year. Analysts pointed out that the decline in speculative demand and the increase in central bank gold purchases offset each other, keeping gold prices in a range.
Central bank gold purchases remain a key driver of long-term gold prices, with monthly purchases expected to average 38 tonnes by mid-2026.