Goldman’s new gold target: Why the Wall Street bank is saying it’s early to buy the yellow metal
Published . Updated .
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Strategists at the investment bank said the change in expectations is down to the Federal Reserve’s hawkish shift.
Directly affected
- GS Goldman Sachs Group+0.6% 30d
Named in this report.
Indirectly affected
- XLF Financial Select Sector SPDR-1.4% 30d
Financial Select Sector SPDR: it holds banks. Linked by “bank” (banks) in this story.
- KRE SPDR S&P Regional Banking ETF-2.9% 30d
SPDR S&P Regional Banking ETF: it holds banks. Linked by “bank” (banks) in this story.
- GLD SPDR Gold Shares-5.3% 30d
SPDR Gold Shares: it follows gold or gold miners. Linked by “gold” (gold) in this story.
- TLT iShares 20+ Year Treasury Bond ETF-2.2% 30d
iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “federal reserve” (US interest rates) in this story.
- BAC Bank of America-11.4% 30d
Bank of America (national commercial banks): banks' earnings move with lending, deposits and rates. Linked by “bank” (banks) in this story.
- JPM JPMorgan Chase+0.1% 30d
JPMorgan Chase (national commercial banks): banks' earnings move with lending, deposits and rates. Linked by “bank” (banks) in this story.
- WFC Wells Fargo+4.4% 30d
Wells Fargo (national commercial banks): banks' earnings move with lending, deposits and rates. Linked by “bank” (banks) in this story.
- C Citigroup-5.6% 30d
Citigroup (national commercial banks): banks' earnings move with lending, deposits and rates. Linked by “bank” (banks) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GS | +2.94% | +3.14% | base | after close | after close | after close | after close |
| XLF | -1.74% | -0.61% | base | after close | after close | after close | after close |
| KRE | -0.40% | +0.75% | base | after close | after close | after close | after close |
| GLD | -5.26% | -4.33% | base | after close | after close | after close | after close |
| TLT | -0.08% | -1.01% | base | after close | after close | after close | after close |
| BAC | +0.41% | -0.30% | base | after close | after close | after close | after close |
| JPM | -0.08% | +0.17% | base | after close | after close | after close | after close |
| WFC | -1.63% | +0.85% | base | after close | after close | after close | after close |
| C | +3.51% | +3.57% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Strategists at the investment bank said the change in expectations is down to the Federal Reserve’s hawkish shift.
Source: MarketWatch
This story
| Company | When | Move | Status |
|---|---|---|---|
| BAC | three days earlier | -0.30% | final price |
| BAC | five days earlier | +0.41% | final price |
| C | three days earlier | +3.57% | final price |
| C | five days earlier | +3.51% | final price |
| GLD | three days earlier | -4.33% | final price |
| GLD | five days earlier | -5.26% | final price |
| GS | three days earlier | +3.14% | final price |
| GS | five days earlier | +2.94% | final price |
| JPM | three days earlier | +0.17% | final price |
| JPM | five days earlier | -0.08% | final price |
| KRE | three days earlier | +0.75% | final price |
| KRE | five days earlier | -0.40% | final price |
| TLT | three days earlier | -1.01% | final price |
| TLT | five days earlier | -0.08% | final price |
| WFC | three days earlier | +0.85% | final price |
| WFC | five days earlier | -1.63% | final price |
| XLF | three days earlier | -0.61% | final price |
| XLF | five days earlier | -1.74% | final price |
Congressional trades in the stocks in this story
- Rep. Maria Elvira Salazar sold Goldman Sachs Group (GS), worth $1,001 - $15,000 on 24 Sep 2026. That is 43 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael Rulli bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 3 Sep 2026. That is 64 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Gilbert Cisneros bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 26 Aug 2026. That is 72 days before publication. Filed 10 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 58 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Laurel Lee sold Bank Of America (BAC) (held by a spouse), worth $50,001 - $100,000 on 24 Aug 2026. That is 74 days before publication. Filed 16 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 63 days before publication. Filed 1 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM), worth $15,001 - $50,000 on 4 Sep 2026. That is 63 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 27 Aug 2026. That is 71 days before publication. Filed 4 Sep 2026. View the filing.
- Rep. Rohit Khanna bought Wells Fargo (WFC) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 42 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Wells Fargo (WFC) (held by a dependent child), worth $15,001 - $50,000 on 17 Sep 2026. That is 50 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Wells Fargo (WFC) (held by a dependent child), worth $1,001 - $15,000 on 15 Sep 2026. That is 52 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar sold Citigroup (C), worth $1,001 - $15,000 on 24 Sep 2026. That is 43 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
This story
12 out of 100
“Goldman’s new gold target: Why the Wall Street bank is saying it’s early to buy the yellow metal” scores 12 out of 100. The score uses 1 sources.