- Major banks including Goldman Sachs and J.P. Morgan raised gold forecasts, reinforcing expectations that prices could approach $5,000 later in 2026.
- Gold prices in India edged lower today, with spot gold slipping to ₹14,167 per gram.
- Gold prices surged to record highs near $4,900 as geopolitical tensions, central bank demand, and a weaker US dollar intensified safe-haven buying.
Gold prices surged to fresh all-time highs in early Asian trading on Thursday, January 22, 2026, with XAU/USD touching a peak near $4,887.80 per ounce before consolidating slightly below $4,850, according to price action visible on the daily chart. The rally accelerated overnight as safe-haven demand intensified and followed a major bullish catalyst from Goldman Sachs, which raised its year-end 2026 gold price forecast to $5,400 per ounce, up from $4,900.
At the time of writing, spot gold is trading around $4,830–$4,840, holding firmly above the $4,800 breakout zone as buyers continue to defend recent highs.
Goldman Sachs Raises Gold Price Forecast as Demand Structure Shifts
According to Reuters, Goldman Sachs cited persistent private-sector diversification and sustained emerging-market central bank demand as the core reasons behind its upgraded outlook. The bank noted that private investors are no longer short-term traders but structural holders using gold to hedge global policy risk, government debt concerns, and geopolitical instability.
Goldman expects central banks to purchase an average of 60 tonnes per month in 2026, while Western ETF inflows are projected to rise as the Federal Reserve moves closer to rate cuts later this year. This combination has effectively raised the “starting point” for gold prices in 2026, limiting downside risk even during periods of consolidation.
Gold (XAU/USD) Daily Chart Analysis
- Trend: Gold remains in a strong bullish structure, printing higher highs and higher lows into late January 2026.
- Current Price Action: After peaking near $4,887, price is consolidating above $4,800, a sign of healthy digestion rather than reversal.
- Key Support Levels: Initial support at $4,730–$4,750, Deeper structural support near $4,550, aligned with the 20-day moving average
- Upside Targets: Near-term resistance at $4,900
- Psychological extension toward $5,000 if momentum remains intact
India Gold Price Today Moves Lower Despite Global Rally
Gold prices fell in India on Thursday, even as global prices remain near record highs, highlighting short-term regional price divergence. According to data compiled by FXStreet, the price of gold in India declined to INR 14,167.78 per gram, down from INR 14,246.92 recorded on Wednesday.
On a broader unit basis, gold slipped to INR 165,250.20 per tola, compared with INR 166,173.30 a day earlier, while the price per troy ounce eased to INR 440,667.40. The pullback reflects near-term currency effects and local pricing adjustments rather than a shift in the broader bullish global trend.
Market participants note that Indian gold prices often lag or temporarily diverge from international moves due to rupee fluctuations, import duties, and local demand dynamics, especially during periods of elevated global volatility.
Outlook: Gold Bull Market Remains Supported Into 2026
Gold’s broader bull trend remains structurally intact as rising geopolitical tensions, persistent policy uncertainty, and renewed safe-haven demand continue to underpin prices. The outlook has been further reinforced after Goldman Sachs raised its end-2026 gold price forecast to $5,400 per ounce, citing sustained private-sector demand and continued central-bank diversification.
At the same time, silver’s surge to fresh record highs has added momentum across the precious metals complex, strengthening the case for further upside in gold if global trade risks and geopolitical friction remain elevated.
A move to $5,000 within a single week is possible but unlikely without a major geopolitical shock or sudden collapse in the US dollar. While large banks such as J.P. Morgan and Goldman Sachs have raised their 2026 gold forecasts, most projections see $5,000 as a medium-term target, not an immediate one. Sustained closes above current highs would be needed before the market credibly prices that level.
Gold mining stocks are attracting strong interest because operating leverage is extremely high at current prices.That said, mining stocks carry equity and execution risk, while physical gold remains the preferred hedge for investors seeking direct exposure and capital preservation.
The pullback reflects profit-taking after a sharp rally, rather than a breakdown in trend. Gold has gained nearly 9% since the start of the year, prompting large institutional investors to lock in profits.