[Goldman Sachs: Bullish on Gold Reaching $4,900 in 2026] According to Chasing Wind Trading Desk, Goldman Sachs stated in its latest 2025-2026 commodities outlook report that 2026 will mark the final year of global oil supply volatility. It predicts that an average daily surplus of 2 million barrels will lead Brent crude oil prices to average $56 per barrel in 2026, with a mid-year bottom. Additionally, Goldman Sachs reiterated its bullish forecast for gold prices to reach $4,900 in 2026, citing global central bank demand for gold and Federal Reserve rate cuts as dual drivers for the price increase. Analysts pointed out that geopolitical risks and economic uncertainty are prompting central banks in emerging markets to accelerate their gold purchases, while potential entry by private investors could further push gold prices higher. Goldman Sachs expects global central banks to maintain monthly gold purchases at around 70 tons in 2026, and for every 1 basis point increase in private investor allocation, gold prices could rise by approximately 1.4%.