Goldman keeps its $5,400/oz end-2026 gold target despite March’s sharp correction
🟡 Goldman Sachs continues to hold its $5,400/oz gold target for the end of 2026, even after the market went through a drop of more than 10% in March following a very strong earlier rally. That suggests the bank still does not view the recent decline as a break in the longer-term uptrend.
🏦 The main support for this view remains steady central bank buying, especially from emerging markets, alongside ETF inflows and hedging demand tied to public debt risks, inflation concerns, and weakening confidence in USD-denominated assets.
📉 In the short term, gold is still facing pressure from higher bond yields and a stronger dollar as Iran-Hormuz tensions lift concerns over energy-driven inflation. That keeps near-term volatility elevated, even as the longer-term support story remains largely intact.
🔎 A notable point is that Goldman is not relying on an extreme new wave of buying, but mainly on structural demand already in place. That makes the current pullback look more like a rebalancing phase within a broader uptrend than a full trend reversal.