①A Goldman Sachs survey shows that over 70% of institutional investors expect gold to continue rising next year, with 36% predicting it will exceed $5,000 per ounce by the end of next year; ②Boosted by expectations of Federal Reserve rate cuts, spot gold rose to $4,215 per ounce on Friday, marking an increase of over 60% year-to-date.
Cailian Press News on November 30 (Editor Zhao Hao) reports that a Goldman Sachs survey found that many institutional investors believe gold will reach a record high of $5,000 per ounce before the end of 2026.
A survey conducted on the Goldman Sachs Marquee platform between November 12 and 14 among more than 900 institutional investor clients revealed that 36% (the largest group) of respondents expect gold to maintain its momentum and break above $5,000 per ounce by the end of next year.
Another 33% of respondents expect gold to rise to between $4,500 and $5,000. Goldman Sachs concluded that over 70% of institutional investors expect gold to continue rising next year, with just over 5% believing that gold prices will fall back to the $3,500–$4,000 range in the next 12 months.
Boosted by expectations of a Federal Reserve rate cut, spot gold rose to $4,220 per ounce on Friday, marking an over 60% increase year-to-date. On October 8, the spot price of gold broke through the key level of $4,000 for the first time and recorded a historic high of $4,381 one month ago.
In Goldman Sachs’ survey, 38% of respondents identified continued central bank purchases as the primary driver of gold’s price increase, while 27% attributed it to fiscal issues.
Phil Streible, Chief Market Strategist at Blue Line Futures, stated that the rally in gold may extend into 2026, citing “continued support from the global economic outlook.” He added that many countries are facing dual pressures of slowing growth and rising inflation.
This year, a broad spectrum of investors, ranging from retail traders to hedge funds, have been buying gold, viewing it as a traditional safe-haven asset amid inflation risks, geopolitical crises, and dollar depreciation.
Global central banks are also actively increasing their gold reserves, prioritizing its high liquidity, absence of default risk, and neutral status as a reserve asset. Meanwhile, some investors are participating in the gold market by betting on gold mining companies.
Stephen Yiu, Fund Manager at Blue Whale Capital, stated in an interview earlier this month that he is betting on Newmont, the world's largest gold miner. Year-to-date, the stock has surged nearly 148%, outperforming gold itself.
Carson Block, founder of the well-known short-selling firm Muddy Waters, has also made a rare public statement expressing optimism about the Canadian miner Snowline Gold. He noted that the company could become an attractive acquisition target amid a potential wave of mergers and acquisitions.
Editor/jayden
