Gold to Shine Brightest Among Commodities in 2026: Goldman Sachs Outlook

Goldman Sachs predicts gold will outperform commodities in 2026, boosted by strong central bank demand and geopolitical risks. The firm forecasts gold prices to reach $4,900 by December 2026. Copper holds promise due to electrification trends, while lead faces subdued prospects amid increased supply growth driven by Chinese investments.

In a bold outlook for the commodities sector, Goldman Sachs has projected that gold will remain the standout performer through 2026, driven by robust central bank purchases and escalating geopolitical tensions. Analysts forecast a significant uptrend, predicting gold prices to climb to $4,900 by the end of 2026.

Goldman Sachs highlighted that central bank gold buying is expected to average 70 tonnes per month, markedly higher than the pre-2022 levels. The report attributes this trend partly to rising geopolitical risks, following incidents like the freezing of Russia's reserves in 2022.

While gold garners most of the attention, the firm notes that silver will also benefit from the general strength of precious metals. Meanwhile, the report suggests that copper could consolidate after recent rallies, with growth supported by electrification trends, making it crucial for strategic sectors like AI and defence. In contrast, lead and other industrial metals face a mixed outlook as supply growth improves, driven by Chinese investments.