Goldman Sachs Group is projecting that gold prices will surge while crude oil prices decline in 2026, as these global commodities continue to dominate market trends.

According to the firm, gold is set to reach a new record high next year, while Brent crude is expected to experience its largest surplus deficit.

The anticipated gold surge is largely driven by central bank purchases and expected interest rate cuts by the Federal Reserve. Crude oil, on the other hand, is forecast to remain weak due to a persistent surplus.

Gold prices move above $4,000 an ounce

On December 20, 2025, Brent crude traded below $60 a barrel, marking its second consecutive week of losses, despite geopolitical tensions in Venezuela raising concerns about possible supply disruptions.

Gold traded at $4,323 an ounce on the same day. Goldman Sachs also flagged lower natural gas prices.

With falling US interest rates prompting ETF investors to compete with central banks for limited bullion, Goldman Sachs stated, “We expect the same two drivers, structurally high central-bank demand and cyclical support from Fed cuts, to lift the gold price further.”

SP/MA

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