China Leads Gold Buying as Goldman Eyes $4K Target

Goldman Sachs now expects gold to reach $4,000 per ounce by mid-2026, with a forecast of $3,700 by the end of 2025, driven by continued central bank and institutional buying.

According to the bank, central banks have been purchasing an average of 77 tonnes of gold per month so far in 2025—just slightly below previous expectations. China led May’s activity, adding 15 tonnes, helping to support strong demand. With ETF and institutional positions softening from earlier highs, Goldman believes there is room for more upside as investors return.