Goldman Sachs: Value of Gold Sector Allocation Becomes Prominent, Lithium Mining Awaits Supply-Demand Reversal Opportunity
Source: Financial News
Goldman Sachs sets the year-end 2026 gold target price at $4,900 per ounce. Looking further to the end of 2027, the target is $5,200 per ounce. Even after a recent $500 downward revision, it maintains a medium- to long-term bullish stance.
On June 23rd, Goldman Sachs released its panorama report on the gold, lithium, and uranium mining industries. Goldman Sachs points out that the allocation value of the gold sector is prominent, while the lithium sector is awaiting opportunities for a supply-demand reversal. Goldman Sachs notes that gold benefits from safe-haven demand and a price upcycle; lithium sector is rebalancing supply and demand, with lithium prices bottoming out and rebounding; uranium sector benefits from a structural supply shortage caused by the global acceleration of nuclear power construction.
Based on this, Goldman Sachs sets the year-end 2026 gold target price at $4,900 per ounce, and looking further to the end of 2027, at $5,200 per ounce. Even after a recent $500 cut, Goldman Sachs still maintains a medium- to long-term bullish stance. From a fundamental perspective, central bank gold purchases remain strong, with safe-haven funds supporting a continuous monthly inflow of about 70 tons into gold ETFs and physical gold.
Regarding lithium, prices are forming a bottom. Goldman Sachs expects the spot price of lithium carbonate to average $11,000 per ton in the first half of 2026 and to fall back to $9,500 in the second half. In Goldman Sachs' base scenario, the benchmark price of lithium carbonate is expected to peak at about $21,000 per ton in the first half of this year.
For uranium, the supply gap continues to widen. Goldman Sachs predicts that by the end of 2026, the spot price of uranium will rise to $91 per pound, representing room for about a 20% increase from current levels. Goldman Sachs' model shows that from 2025 to 2045, there will be a cumulative supply shortfall of up to 32%.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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