Goldman Sachs has raised its gold price forecast to $5,400 per ounce by the end of 2026, driven by strong demand from private investors and central banks. Central banks are projected to buy around 60 tons of gold each month this year, with ETF holdings increasing as interest rates fall. Institutional optimism is high due to geopolitical tensions, declining real interest rates, and a move toward de-dollarization, supporting gold's role as a premier safe-haven asset.

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