Goldman Sachs has released an updated long-term forecast for commodity markets, predicting further growth in precious metal prices while anticipating sustained pressures on the oil sector due to broader economic trends. In its base-case scenario, the bank projects that gold prices will rise by 14% by December 2026, reaching $4,900 per ounce. Analysts attribute this expected increase to persistently high demand from central banks and a cyclical effect driven by anticipated interest rate cuts from the US Federal Reserve.
In contrast, Goldman Sachs foresees continued downward pressure on the oil market. The bank predicts that Brent crude could decline to $56 per barrel, while WTI could drop to $52 per barrel. Analysts believe these price levels are necessary to restore balance between supply and demand, provided there are no major supply disruptions or additional production cuts from OPEC. The minimum price levels are expected to be reached by mid-2026, with a recovery in Brent prices to $80 per barrel forecasted no earlier than the end of 2028.
Despite the expected price consolidation in 2026, copper remains a key industrial metal in the bank's long-term strategy. Nearly half of the global demand for copper is driven by electrification, while the ability to increase production is limited.
In the European gas market, Goldman Sachs anticipates that prices will fall to €29 per MWh in 2026 and €20 per MWh in 2027. However, the bank cautions about the risks of sharp price fluctuations and potential power outages in the United States, primarily due to the rapid rise in electricity consumption from data centers and artificial intelligence projects, which is outpacing the addition of new generation capacity, including gas.
