Goldman Sachs has projected that gold prices will reach $4,900 by 2026, driven by robust central bank purchases and anticipated Federal Reserve interest rate cuts. The bank's latest Commodities Outlook report highlights that geopolitical risks and economic uncertainties are prompting emerging market central banks to accelerate their gold acquisitions, with expectations of maintaining purchases at around 70 tons per month. Additionally, Goldman Sachs predicts that Brent crude oil prices will average $56 per barrel in 2026 due to a daily oversupply of 2 million barrels, marking the end of global oil supply volatility. The report suggests that private investor interest in gold could further elevate prices, with a 1 basis point increase in allocation potentially boosting gold prices by 1.4%.