Goldman Reiterates Gold Target Amid India Import Curbs

Goldman Sachs maintains a $5,400 gold target as Indian consumers rush to buy jewelry ahead of government import restrictions and potential bans. Despite near-term liquidity risks, structural demand from central banks remains robust.

Key Takeaways

• 1.Goldman Sachs has reaffirmed its $5,400/toz gold price target for the end of 2026, citing strong central bank interest and geopolitical diversification.
• 2.Indian government measures to shore up the rupee, including import tariffs and quantity curbs, have backfired, triggering a 15-20% surge in bridal jewelry panic-buying.
• 3.Central bank gold buying is currently estimated at 50 tonnes per month, with Goldman forecasting an increase to 60 tonnes per month through 2026.

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