It has been said that the US central banks likely bought massive amounts of gold in November 2025 in a multi-year trend in order to diversify reserves to hedge the geopolitical as well as the financial risks that tag along, Goldman Sachs said on November 17, 2025.
The Wall Street firm went on to estimate purchases of 64 tonnes for September 2025, which is up from 21 tonnes in August 2025.
Apparently, Goldman reiterated in a note that the gold prices are going to reach $4,900 by the end of 2026, with further gains most likely to take place if the private investors continue to diversify their respective portfolios.
Notably, spot gold went on to fetch almost $4,068 per ounce on November 17, 2025. Prices have also gained 55% so far in 2025 and are majorly driven due to economic as well as geopolitical concerns, growing exchange-traded fund inflows, and expectations of further cuts in the U.S. interest rate.
Goldman notes that there is a renewed accumulation that goes on to align with a multi-year trend that US central banks have been diversifying away from the U.S. dollar and also boosting strategic reserves in the middle of fiscal uncertainty throughout major economies, geopolitical tensions, and concerns with regard to long-term inflation dynamics. The bank goes on to argue that the official-sector buying has now gone on to become one of the most dependable structural flows within the gold market.