ChainThink report, December 19: In its latest 2025–2026 Commodities Outlook, Goldman Sachs stated that 2026 will be the final year of global oil supply volatility, with the market expected to face a daily oversupply of 2 million barrels, driving the average Brent crude price down to $56 per barrel by 2026 and reaching its nadir mid-year.

Additionally, Goldman Sachs reaffirmed its bullish forecast for gold in 2026, projecting prices to rise to $4,900, driven by two key factors: rising central bank gold demand globally and anticipated Federal Reserve rate cuts. Analysis indicates that geopolitical risks and economic uncertainty are accelerating emerging market central banks’ gold accumulation, while potential entry of private investors could further amplify gold price appreciation. Goldman Sachs forecasts that global central bank monthly gold purchases will remain around 70 tonnes in 2026, and for every 1 basis point increase in private investor allocation, gold prices are expected to rise approximately 1.4%.