Goldman Sachs Research discusses its latest Gold's outlook and targets.

"We maintain our $5,400/toz end-2027 forecast despite September's Fed hike and our economists now expecting an additional hike in October. While higher rates should continue to weigh on gold prices through ETF demand in the near term, our economists expect the Fed to deliver three cuts between September 2027 and March 2028, leaving the terminal forecast unchanged at 3.25-3.5%," GS notes.

"We continue to expect gold prices to grind higher in the near term and now estimate year-end fair value at $4,650/toz (below our previous $4,900/toz forecast but above the current spot price of ~$4,350/toz), as much of the expected tightening already appears priced into ETF demand, stronger-than-expected central bank purchases continue to offset the remaining drag from higher rates, and call-option demand for gold as a macro-policy hedge has proven resilient," GS adds.