DID Press: Goldman Sachs has forecast a sharp rise in gold prices by the end of next year, while offering a more nuanced outlook for copper and energy markets in its latest research note.
In its most likely scenario, the US investment bank expects gold prices to climb by around 14 percent by December next year, reaching about $4,900 per ounce. Goldman Sachs said the forecast carries upside risks, particularly linked to the potential for greater portfolio diversification by private investors.
The bank also assessed prospects for the copper market, predicting that prices will remain relatively stable in 2026. Under its base-case scenario, if uncertainty over US tariffs persists until mid-2026 and Washington announces tariffs on refined copper for 2027, average copper prices are expected to reach around $11,400 per metric ton.
On energy, Goldman Sachs struck a cautious but improving tone. The bank expects oil prices to trend higher in the fourth quarter of next year, as markets gradually price in a return to supply deficits in the second half of 2027.
According to the report, increased focus on investment in long-cycle production projects is likely to play a key role in shaping future trends in the oil and gas markets.