Gold has been on a tear this year, and now a Goldman Sachs survey shows many investors think the precious metal will hit a new all-time high of $5,000 by the end of 2026.
Gold prices have rallied 58.6% year-to-date, and broke through the landmark $4,000 level for the first time on Oct. 8.
In a survey of more than 900 institutional investor clients on Goldman Sachs’ Marquee platform, 36% of respondents — the largest cohort — expect gold to maintain its momentum and exceed $5,000 per troy ounce by the end of next year.
A further 33% expect the commodity to reach between $4,500 and $5,000, according to the poll, which was conducted between Nov. 12-14.
More than 70% of institutional investors see gold rising next year, Goldman Sachs said. In contrast, just over 5% of those polled see prices pulling back to between $3,500 and $4,000 over the next 12 months.
Gold prices advanced to a two-week high on Friday, boosted by hopes of a Federal Reserve rate cut, with spot prices rising 0.45% to $4,175.50. Gold futures were trading up 0.53% at $4,187.40.
Gold futures.
In the survey, 38% of respondents highlighted central bank buying of gold as the main driver of its price rise, while 27% said it was fiscal concerns.
A broad sweep of investors from retail buyers to hedge funds have turned to the commodity — traditionally seen as a safe-haven asset during times of turmoil — this year as a protection hedge against inflation risk, geopolitical fissures and a depreciating dollar.
Global central banks have also piled in, drawn to gold’s high liquidity, lack of default risk, and broadly neutral status as a reserve asset.
Phil Streible, Blue Line Futures chief market strategist, said that gold’s bull run was likely to continue into 2026.
“The global economic outlook continues to support gold,” Streible told CNBC’s “Power Lunch” on Nov. 20, adding that many countries continue to face declining growth and rising inflation.
Other investors are tapping into the mining space as a call on the commodity.
Blue Whale Capital’s Stephen Yiu told CNBC’s “Europe Early Edition” earlier this month that he was betting on Newmont, the world’s largest gold miner.
Muddy Waters Capital founder Carson Block — known for his short selling — unveiled a rare long call in Canadian junior miner Snowline Gold at this year’s Sohn London investment conference. Block said he saw the company as an attractive takeover candidate in a sector where consolidation is rising.