WORLD (Enmaeya News) - December 19, 2025

Goldman Sachs, the U.S. investment bank, forecasts that gold could reach $4,900 per ounce by December 2026, driven by strong demand from central banks and the possibility that U.S. interest rates may fall.

This would be about a 14% increase from current gold prices. The bank said gold remains attractive because central banks continue to buy, and private investors may also choose gold as a safe investment. At the time of the forecast, spot gold was trading above $4,300 per ounce.

Goldman also expects copper to stay its preferred industrial metal next year. While copper prices may stabilize after recent highs, long-term demand from electric vehicles, renewable energy, and supply shortages are likely to keep prices supported.

In contrast, the bank projects oil prices will drop in 2026. Goldman said oil markets need lower prices to balance supply and demand unless there are major disruptions or cuts from OPEC. Prices are expected to reach their lowest point in mid-2026 and gradually recover afterward.

Goldman’s report also mentioned natural gas and electricity markets, warning that falling U.S. spare power capacity could push electricity costs higher in areas with growing demand.

Overall, the forecast shows how financial institutions are adjusting their views on commodity prices as global economic conditions and monetary policies change.