Goldman Sachs: Central banks are likely to buy a lot of gold in November, maintaining the gold price expectation of 4,900 by the end of next year

Central banks may have bought a lot of gold in November, according to Goldman Sachs, a multi-year trend to diversify reserves to hedge geopolitical and financial risks. Goldman reiterated in a report that it expects gold prices to reach $4,900 by the end of 2026 and could rise further if private investors continue to diversify their portfolios. Gold prices have risen 55 percent so far this year, driven largely by economic and geopolitical concerns, increased inflows from exchange traded funds and expectations of further interest rate cuts in the United States. Goldman Sachs estimated central banks bought 64 tons in September, up from 21 tons in August.