mirates Voice – Goldman Sachs highlighted a significant increase in central bank gold purchases during November 2025. This was based on an analysis of recent trends in official demand for the precious metal. This comes amid a broader upward trend for gold, driven by structural factors such as reserve diversification, particularly in emerging markets, and the easing of monetary policies.
Central bank purchases: the main driver of the rise
It is estimated that central banks sharply increased their purchases during November. This was influenced by seasonal patterns and a desire to hedge against geopolitical risks and currency volatility. Total global central bank purchases in 2024 exceeded 1,000 tons. This is the highest annual figure on record.
Emerging markets such as China, India, and Turkey are leading the purchases, with 95% of central banks planning to increase their holdings next year. The November buying spree is expected to put upward pressure on gold prices in the fourth quarter of 2025.
Price forecast: Target $4,900 per ounce by the end of 2026
The current price of gold in mid-November 2025 is between $3,800 and $4,000 per ounce. Goldman Sachs maintains its long-term target of $4,900 per ounce by December 2026, having recently raised it from $4,300 in October 2025.
