Goldman Sachs maintains an end-2027 gold target of $5,400/oz, saying recent US rate hikes and tighter policy may slow gold's near-term appreciation but do not alter its long-term bullish view. The bank cites central-bank reserve diversification as the main structural support. It warns a more hawkish Fed could prompt a larger pullback: a scenario with three further hikes this year and signals of a higher terminal rate could push gold toward about $4,070/oz, though continued central-bank purchases

Goldman Sachs maintains an end-2027 gold target of $5,400/oz, saying recent US rate hikes and tighter policy may slow gold's near-term appreciation but do not alter its long-term bullish view. The bank cites central-bank reserve diversification as the main structural support. It warns a more hawkish Fed could prompt a larger pullback: a scenario with three further hikes this year and signals of a higher terminal rate could push gold toward about $4,070/oz, though continued central-bank purchases should help gold recover to roughly $4,200/oz by end-2026.