Goldman Sachs lowers gold price forecast but remains optimistic about central bank gold purchases as support

(1) After the Federal Reserve shifted to a hawkish stance, Goldman Sachs lowered its gold price target. (2) The target price for the end of 2026 was reduced from $4,650 to $4,150, and the target price for the end of 2027 was reduced from $5,400 to $4,800. (3) Goldman Sachs expects the Federal Reserve to raise rates in December and may begin cutting rates from the end of 2027. (4) Despite short-term pressure, the institution expects global central banks to purchase 60 tons of gold per month, which could still support roughly 15% upside by the end of 2027.