Gold's New Buyers: Private Capital Fuels Rally as Goldman Lifts Forecast to $5,400/oz

Goldman Sachs argues private-sector buyers have become a structural force in gold price formation, lifting its 2026 forecast to $5,400/oz and signaling further upside beyond a 2025 surge; ETF inflows into GLD/IAU and broader private demand (HNW purchases, gold-linked structures, options) underpin a new base level driven by macro policy risk, with limited room for supply to meet demand and rallies likely to persist unless perceived fiscal/monetary risks ease or central-bank buying falls off.