Gold prices continued to edge higher amid steadying safe-haven demand from central banks and depreciation in US dollars. Goldman Sachs has raised its year-end 2026 gold forecast from $4,900 to $5,400 per ounce, pointing to ongoing diversification from private buyers and emerging market central banks.
As of 11:07 A.M. (GMT+7) on January 23, 2026, spot gold surged to $4,950.99 extending gains of more than 14% since the start of 2026 and building on about 80% rally seen throughout last year.
Market turbulence mounted earlier this week as tensions between President Donald Trump and European NATO members over Greenland unsettled investors, enhancing gold’s safe-haven status and pushing prices to fresh records.
Diplomatic concerns eased following talks between President Trump and NATO Secretary-General Mark Rutte, helping to reduce strain between the U.S. and E.U. However, according to an expert from ABC Refinery, demand from opportunistic buyers remained firm and continued to support bullion.
Meanwhile, Goldman Sachs updated its gold outlook, citing stronger-than-expected interest from private buyers and ongoing diversification by central banks. In a recent note, analysts identified persistent global policy uncertainty as encouraging further allocation to gold by private-sector investors. The bank’s projection assumes that these investors will retain their gold holdings through 2026, supporting higher price levels.
Additionally, Goldman Sachs anticipates an increase in ETF inflows driven by an expected 50 basis point cut by the U.S. Federal Reserve this year. Emerging market central banks are forecast to continue adding gold to their reserves at an average pace of 60 tonnes in 2026. However, the brokerage also noted that a reduction in long-term monetary policy risks could lead to gold price pressure if investors unwind macro hedges.
