Goldman Sachs Estimates Central Bank Purchases at 50 Tons Monthly in 2026, According to Reports

Goldman Sachs estimated in a market analysis, according to reports, that central bank gold purchases will maintain their trajectory at an average of 50 tons per month throughout 2026, in a forecast reflecting the bank's conviction that the wave of sovereign diversification in favor of gold has not yet peaked.

The analysis reportedly justifies this high rate by a number of structural factors, most notably: U.S.-China trade tensions, the desire to reduce exposure to dollar-linked sanctions, and risk diversification within sovereign portfolios.

These forecasts reportedly represent a steady source of demand adding nearly 600 tons annually to global demand from central banks alone, altering the supply and demand equation in a market that produces around 3,500 tons annually from new mining.

In a broader context, financial institutions' forecasts indicate that central bank demand has become a key floor beneath the price of gold, with other factors such as inflation concerns and retail investment demand reinforcing this structural support.

What do these terms mean?

Structural Demand: Demand based on deep-rooted structural factors such as government policies or strategic shifts, which is more stable than tactical demand linked to market fluctuations.

Sovereign Portfolios: Assets managed by sovereign wealth funds and governmental central banks, dominating large portions of global financial markets due to their massive size.