Goldman Sachs forecasts surge in central‑bank gold buying through 2026

Goldman Sachs analysts Lina Thomas and Daan Struyven issued a research note on May 18 revealing that their previous estimate of central‑bank gold purchases was off by more than 70%. After revising the model, they project that central banks will markedly increase gold acquisitions, bolstering the metal’s price recovery by the end of the year and into the second half of 2026.

The analysts say the heightened demand from sovereign vaults will have significant implications for gold market dynamics and investor expectations going forward.