Globe says Goldman hikes its ’26 gold target to $4,900
2025-10-08 09:26 ET – In the News
The Globe and Mail reports in its Wednesday edition that U.S. gold futures surged past the $4,000-per-ounce milestone for the first time on Tuesday, driven by expectations of a Federal Reserve rate cut later this month and persistent safe-haven demand owing to U.S. economic uncertainty (all figures U.S.). A Reuters dispatch to The Globe says mutual funds that invest in gold mining companies are overtaking even high-flying artificial-intelligence and tech funds, thanks to bullion’s run. “It’s ongoing safe-haven flows stemming in part from the government shutdown and no real indication that is likely to be resolved in the immediate term here. So there’s still a pretty decent bid in gold,” said Peter Gran at Zaner Metals. Non-yielding gold, which tends to do well during times of uncertainty and low-interest-rate environments, has climbed 51 per cent so far this year. Goldman Sachs on Monday raised its December, 2026, gold price forecast to $4,900 per ounce from $4,300, citing strong Western exchange-traded fund inflows and likely central bank buying. In Toronto, the materials sector is up 81 per cent this year. Gold has been a key driver behind the nearly 22-per-cent gain in the S&P/TSX Composite Index year-to-date.