Goldman Sachs has raised its end-2026 gold price forecast ⁠to $5,400 per ounce from $4,900/oz earlier, noting private-sector and emerging market central banks' diversification into gold.

Spot gold was steady at $4,935.39 an ounce at 1228 GMT Friday, having touched a record $4,967.03 earlier in the day.

The safe-haven metal has climbed more than 11% so far ‍in 2026, extending a blistering rally that saw ‍it jump 64% last year.

"We assume private sector diversification buyers, whose purchases hedge global policy risks and ⁠have driven the upside surprise to our price forecast, don't liquidate their gold holdings in 2026, effectively lifting the starting ​point of our price forecast," the brokerage said in a note dated Wednesday.

The brokerage also expects central bank buying to average 60 tons ‍in 2026 as emerging market central banks are likely to continue diversification ⁠of their reserves into gold.

Commerzbank, last week, raised its gold price forecast to $4,900 by the end of this year, citing increased safe-haven demand.