Goldman Sachs cuts year-end gold target by $500 to $4,900 an ounce as Fed seen holding rates in 2026

Goldman Sachs lowered its year-end gold target by $500 to $4,900 an ounce, citing a more hawkish Federal Reserve outlook. With Kevin Warsh signaling a tougher stance at his first meeting, the bank’s economists pushed the first expected rate cuts back to June and December 2027. Spot gold was last at $4,168 an ounce, down for a third straight week and more than 25% off its late-January record high. The revision was driven chiefly by reduced expectations for inflows into gold-backed ETFs.