Goldman: Central Banks to Average 60 Tonnes of Gold Purchases in 2026
Goldman Sachs projects that central banks worldwide will increase gold purchases, averaging about 60 tonnes annually in 2026. The forecast reflects ongoing reserve diversification by emerging-market central banks away from other assets and into gold. The note underscores structural shifts in reserve allocations rather than short-term market moves. No investment advice was provided.
Bullish
Goldman Sachs’ projection that central banks will average 60 tonnes of gold purchases in 2026 signals a structural increase in official sector demand. Higher central-bank buying typically supports gold prices by removing supply from the market and increasing a reliable, long-term source of demand. For crypto markets, stronger gold demand can have mixed effects: it may draw some safe‑haven capital toward gold rather than crypto in the short term, but broadly bullish pressure on non‑fiat stores of value can buoy sentiment for digital assets, especially BTC, which is often compared to digital gold. Historically, sustained central-bank buying (e.g., the post-2018 reserve diversification trend) has correlated with tighter physical gold markets and higher prices over months to years. Short-term volatility could occur as markets price in the flows and macro responses (rates, FX), but the medium-to-long-term impact is supportive for store-of-value assets. Traders should watch central-bank reports, official reserve data, and gold price reactions; correlations between gold and BTC may strengthen in risk-off episodes, altering hedge and allocation strategies.