Goldman Sachs cut its gold forecast, announced its new target for 2027

Goldman Sachs cut its year-end 2027 gold price forecast to $4,650 an ounce from $4,800, citing expectations that the Federal Reserve will keep raising interest rates. Despite the revision, the bank still sees roughly 16% upside from current prices. Goldman expects a sustained gold recovery to take hold only after the Fed begins cutting rates, which it projects for December 2027. The downgrade matters because it signals that higher-for-longer U.S. monetary policy remains the key headwind for bullion. Investors will watch upcoming Fed policy signals and inflation data for signs that the rate path—and gold's trajectory—may shift.