Goldman Cuts Gold Target To $4,900 As Markets Now See Two Fed Hikes - SPDR Gold Shares (ARCA:GLD)

Goldman Sachs trimmed its gold-price target to $4,900 an ounce for year-end 2026, signaling how markets now price in two Fed rate hikes. The revision cites a hawkish Federal Reserve outlook and weaker demand from gold ETFs, with the June move seeing gold down 8% month-to-date. Goldman pushed back its final two rate cuts to June and December 2027, from prior expectations of December 2026 and March 2027, after the first FOMC meeting under Fed Chair Kevin Warsh. The bank remains structurally constructive on gold but notes near-term downside risk and medium-term upside potential.