Overview

• Comex December gold futures briefly traded at $4,000.05 per ounce on Oct. 7, setting a new intraday record.
• Goldman Sachs raised its forecast to $4,900 for December 2026, citing strong ETF inflows and continued official‑sector buying.
• The bank projects central bank purchases averaging about 80 tonnes in 2025 and 70 tonnes in 2026 as reserves diversify.
• Traders assign probabilities above 80% to Fed rate cuts in October and December, with the U.S. government shutdown also supporting haven demand.
• The metal is up roughly 51% year to date in 2025, though BCS analyst Nikolay Maslikov still pegs the 2025 average price near $3,250 and says easing geopolitics could weigh on prices.