Gold prices could continue their upward trajectory through 2026, according to survey results released by Goldman Sachs. The bank reported that almost 70% of global institutional investors anticipate further gains in the precious metal next year, based on responses collected through a poll of more than 900 clients on its Marquee platform from Nov. 12 to 14.

A breakdown of the survey showed that the largest share of participants, 36%, expect gold to exceed $5,000 per ounce by the end of 2026. Roughly one-third forecast that prices will remain between $4,500 and $5,000 within that period. A smaller minority, just over 5%, projected the metal could fall back toward a range of $3,500 to $4,000.

Goldman said Friday that the results indicate broad expectations for continued strength in the market, extending a rally that has already produced multiple price records this year.

Three Years of Double-Digit Gains

Gold has climbed approximately 61% year-to-date, reaching $4,223.36 on Friday afternoon. The metal crossed $4,000 per ounce for the first time last month, placing it on track for a third consecutive year of double-digit percentage gains. During this period, gold has outperformed most major asset classes, supported in part by steady central bank buying and expectations of future interest-rate cuts.

Fiscal concerns and monetary policy trends have been widely cited as influential factors. In the survey conducted by Goldman, central bank acquisitions of gold were selected by 38% of respondents as the primary driver of price strength heading into 2026. Another 27% pointed to fiscal issues as the second-most significant catalyst.

Goldman’s co-head of global commodities research, Daan Struyven, described the current trajectory as part of a multi-year bull market. Speaking on a podcast recorded Oct. 27, Struyven projected that gold could reach $4,900 by the end of 2026. He attributed much of the past several years of price appreciation to “sticky purchases, especially of central banks,” and suggested that these institutions are likely to continue diversifying into gold.

Other financial firms have issued similar outlooks. JPMorgan Chase forecasts that gold could surpass $5,055 in the final quarter of 2026, while Morgan Stanley estimates that the metal may move toward $4,400 by the end of next year.

Structural Shifts and Investor Behavior

In its November 2025 Precious Metals Report, Sprott Asset Management also said the structural forces behind gold demand remain intact. The report argued that investors have been moving away from U.S. dollar-denominated bonds and equities perceived as vulnerable to currency devaluation, shifting capital instead toward precious metals and cryptocurrencies.

This context adds to the expectation among institutions that the current trend is not yet exhausted. While future price levels cannot be guaranteed, polling data, institutional forecasts, and ongoing central-bank participation suggest that gold remains positioned as a focal point in global markets heading into 2026.