Goldman Holds $5,400 Gold Target, Trims Near

Add preferred source Goldman Sachs maintained its $5,400-per-ounce gold forecast for the end of 2027 after the Federal Reserve's Sept. 16 rate hike, while trimming its 2026 year-end fair value estimate to $4,650 from $4,900. Analyst Lina Thomas said tighter policy should slow the rally rather than derail it, noting much of the tightening is already reflected in ETF demand. She expects three Fed rate cuts between September 2027 and March 2028. The bank attributes nearly all of its projected 23% price gain through 2027 to central bank purchases running at about 91 tonnes a month, far above the pre-2022 average of 17 tonnes. Thomas also warned that a more hawkish Fed path could trigger a sharper correction.