Goldman Flags Record Gold, Weak Oil in ‘26 Commodity Picks

Gold’s record-setting rally and persistent weakness in crude have been two of the standout features of global commodities this year. Goldman Sachs Group Inc. reckons both those trends will extend into 2026.

Bullion is set to hit a fresh record next year, while oil will be burdened by a surplus, analysts including Daan Struyven and Samantha Dart said in a Dec. 18 note that set out the bank’s main picks in raw materials. The base case for gold is a rally to $4,900 an ounce, with risks to the upside.