Goldman Sachs has cut its end-2027 world gold price projection to US$4,650 per troy ounce from US$4,800, a reduction of US$150. The bank attributes the revision to expected tighter US monetary policy.
The bank expects the Federal Reserve to raise rates again, reducing private investor demand for gold. Goldman Sachs projects a rate hike in December 2026, which is already in its base case, and a further 25 basis point increase in March 2027. Cuts would not begin until December 2027.
Upside and long-term view
Goldman Sachs still sees potential upside of 16 percent to December 2027 from current spot prices. By our market data, gold stood at $3,880.41 an ounce at 17:56 GMT on 15 November, near its 31-day low.
The bank maintains a positive long-term outlook, pointing to structural central bank gold purchases.
Positioning in futures
CFTC data shows speculators remained net long gold, with 179,548 contracts in the report of 03 November 2026. That was 6,903 contracts fewer than the week before.
Also Read
Related: Indonesia cuts gold export reference price by 2.02 percent · Antam cuts gold bar price to Rp 2,545,000 per gram
Source: Goldman Sachs | Data: Swissquote · CFTC
