Goldman Sachs: Gold Set to Rise to $4,900 by 2026, Oil Under Downward Pressure

Goldman Sachs has predicted that the upward momentum for gold prices will continue over the next two years, expecting the yellow metal to rise by approximately 14% to reach $4,900 per ounce by December 2026. The bank also noted the potential for a decline in global oil prices as the market rebalances.

According to a report from the bank, this expectation reflects a structural shift in demand for gold, driven by increased purchases from central banks globally, alongside periodic support from anticipated interest rate cuts in the United States, enhancing gold's appeal as a hedge and long-term value.

Central Banks Support the Upward Trend

Goldman Sachs analysts explained that official demand from central banks has become a key factor in gold pricing, indicating that this factor, along with a more flexible monetary environment, provides a solid foundation for the continued upward trend in the medium to long term.

Copper: Stability Amid Fluctuations

Regarding industrial metals, the bank expects the average price of copper to stabilize around $11,400 per metric ton by 2026, considering copper remains its preferred industrial metal despite challenges related to global growth and industrial demand cycles.

Oil Under Rebalancing Pressure

In the energy sector, Goldman Sachs predicts a decline in average oil prices over the next year, estimating that Brent crude will reach around $56 per barrel, while WTI crude will be close to $52 per barrel.

The report stated that this potential decline is necessary to rebalance the oil market by 2026, given current supplies, unless there are significant supply disruptions or further production cuts from the OPEC+ alliance.

Analytical Perspective

Goldman Sachs' forecasts reflect a clear divergence in the trajectory of commodities, with gold continuing to benefit from monetary and geopolitical shifts, while structural and cyclical pressures face the oil market. Meanwhile, industrial metals, particularly copper, remain dependent on global growth developments and supply chains.