Gold Facing Upside Risk as Western Flows Dominate January Precious Metals Rally, Goldman Sachs Notes

Goldman Sachs has indicated that its 2026 year-end gold price forecast of $5,400 per ounce carries significant upside risk. The firm observed that Western capital flows, rather than speculative trading, were the primary drivers of gold price fluctuations in January.

The bank highlighted that silver experienced a more pronounced correction due to persistently tight liquidity conditions in the London market, which amplified two-way price volatility. In addition to price swings linked to bullish option structures similar to those seen in gold, ongoing liquidity constraints in London have contributed to extreme price movements in the silver market.

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