Goldman Sachs ($GS) lowers year-end gold price forecast for 2026·2027

Goldman Sachs cut its year-end 2026 gold price forecast to $4,150 per ounce from $4,650 and its 2027 target to $4,800 from $5,400, marking a reversal from its prior stance of holding the longer-dated outlook steady. The revision follows the Federal Reserve's decision on October 28 to keep its benchmark rate range at 3.75%–4.00%, with the central bank citing still-elevated inflation and signaling it would gather more data before its next move. The downgrade matters because Goldman is a major bullion forecaster, and the lower targets suggest the bank sees less upside from rate-cut expectations that had underpinned gold's rally. Traders will watch upcoming U.S. inflation and labor data, along with Fed commentary, for signals on the timing of easing that could revive or further dampen gold demand.