Gold continues to defy expectations, shattering record after record in 2025. The yellow metal recently climbed past $3,600 an ounce in early September, leaving investors and analysts wondering how much higher it can go. For decades, gold has been considered the ultimate hedge against uncertainty, inflation, and currency weakness — and today, those fears are more alive than ever.
But just how high could gold soar? One major investment bank believes the rally is far from over. According to Goldman Sachs, the precious metal could reach a staggering $5,000 per ounce by 2026 under the right conditions. Even their base case calls for a $4,000 target by mid-2026, with potential for $4,500 or higher.
For investors searching for clues in the global economy, these predictions highlight an important reality: the conditions fueling gold’s rise — mounting U.S. debt, inflation worries, central bank demand, and political risks — are not going away anytime soon.
Gold Price Forecast Scenarios (2025–2026)
Here’s a snapshot of how analysts see gold’s potential trajectory over the next two years: