Goldman Sachs expects central bank gold purchases to slow slightly but still continue to support the bottom of gold prices.

Golden Ten Data reported on June 22 that Goldman Sachs predicts that central banks will continue purchasing gold at a rate of 50 tons per month in 2026, slowing to 40 tons per month in 2027. Even if the monthly gold purchase rate retreats slightly from previous peaks, this trend will still provide a lasting structural floor of support for gold prices. A record proportion of central banks have expressed their intention to increase gold reserves, and this demand backdrop offers substantial cushioning for the downside risk of gold prices. Goldman Sachs’ forecast indicates that even if monthly data is volatile, central bank demand will remain one of the most consistent structural support factors for gold prices over the next two years. Another survey conducted by the World Gold Council—covering 76 central banks between February and May—also supports this view. A record 45% of respondents said they expect to increase gold reserves in the next 12 months, the highest level ever recorded in this survey’s history. Around 90% of respondents expect the global central bank gold holdings to rise during the same period, with the rest expecting it to remain roughly stable. No respondents predicted a decline.