Goldman Sachs(US:GS) Sou Hu Cai Jing·2026-02-20 03:48Core Viewpoint - Goldman Sachs expects gold prices to gradually rise, reaching $5,400 per ounce by the end of 2026, with diversified allocations providing upside potential [1] Group 1: Central Bank Demand - Goldman Sachs anticipates that central bank gold purchases will accelerate again in 2026 at the pace seen in 2025 [1] - The core argument is that central bank demand, along with increased holdings by private investors (primarily due to Fed rate cuts), will support a steady increase in gold prices [1] Group 2: Private Investor Behavior - Private investors are expected to increase their positions in gold, particularly in response to anticipated Federal Reserve rate cuts [1] - If there is an increase in diversification strategies among the private sector, especially bullish options structures, the market may face significant upside risks [1] Group 3: Market Volatility - While the medium-term trend remains upward, there may be considerable volatility in the market [1]